After $5 Trillion Rout, Emerging Markets Seek Turnaround Signal

(Bloomberg) — The wreckage of a $5 trillion rout in emerging markets is starting to look like a buying opportunity to some intrepid investors.

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The pain points are all too obvious: Stocks have fallen below their average valuations of the past 17 years. Local-currency bond yields have soared through a range that’s held since the 2008 crisis. Spreads on dollar bonds are close to thresholds seen only during times of distress.

After 15 months of capital outflows, emerging…

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