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Hagia Sophia in Sultanahmet district, Istanbul. Turkey.
Hagia Sophia in Sultanahmet district, Istanbul. Turkey.
(Luciano Mortula/Getty Images/iStockphoto)

The 'fragile five' are in the midst of a tremendous rally

The “fragile five” aren’t looking so fragile right now. The group of emerging market economies – singled out by Morgan Stanley for their slowing growth, sliding currencies and ballooning trade deficits – have been rewarding intrepid investors with stellar returns since the start of February, the depths of emerging market despair.