Emerging market stocks were the darlings of 2009 but this year they are likely to lose out to the US stock market.

Developing-world equities were in the spotlight last year as they recovered quickly from the global downturn, but investors now anticipate the US recovery to take centre stage in markets. Expectations for rising interest rates and 2009's outperformance are making emerging markets less attractive, even though their growth rates are still likely to be higher.