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Foreign Funds Kick Off New Year By Leaving U.S. Peers In Dust.(SERIES: MUTUAL FUND MONTHLY)(IBD SPECIAL REPORT)
Byline: MURRAY COLEMAN
International funds started 2006 much as they finished last year.
The average world stock fund returned 7.45% in January. That soundly trumped a typical U.S. diversified peer, which gained 4.66% in the month, say Lipper preliminary data.
The best performers were again bunched in emerging markets. That extended a nearly five-year run for developing markets over more developed economies.
The average emerging market fund rose 11.47% in the first month of 2006. That came as oil prices again soared on concern about Iran's nuclear program and rising worldwide demand.
China's Thirst For Oil
Much of that demand came from China. The country has been trying to engineer a soft landing for its overheated economy. Last month officials issued reports that pointed to GDP growth in the 8%-9% range. That would be within targets set after China's booming demand for materials and commodities pushed growth rates into double digits and sparked inflation fears nearly two years ago.
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