|By Matein Khalid| After five years of pathetic under-performance, emerging markets are easily the asset class to own in 2016, as Europe is hit by a resurgent Euro/Italian banking woes and Japan by institutional gaijin selling and a stronger yen. A dovish Janet Yellen has talked down the US dollar and deferred the timing of FOMC interest rate hikes. The Chinese Politburo and People’s Bank have managed to stabilize the yuan despite the lowest economic growth rate in 25 years. Brent has surged to $45 despite the failure of the Doha deal as the market focuses on the Black Death in offshore/shale capex and output. The Russian rouble, recommended as a strategic buy in this column at 78, is now 65. If ever the macro stars were aligned for emerging markets, the first four months of 2016 have been it.