ETF inflow data shows that optimism has returned

If global growth is bottoming then the place to be will be emerging markets where currencies and asset prices are beaten down.

Investors have noticed.

Inflows into emerging market ETFs last week hit a nine-month high. In particular, Latin American EFTs were in style with the iShares Lain America 40 ETF netting $318m, a record since its inception in 2001.

More broadly, BlackRock's broad iShares MSCI Emerging Markets ETF received $135m last week, the first net inflow since February. Bond funds were similarly loved.

Those are small numbers in the grand scheme of things but if investor perceptions are shifting, that's the place to be.