Emerging-market currencies are set to clock their biggest weekly gains of 2024, led by a rise in Brazil’s real on expectations its central bank could raise interest rates later this year.

An April rout in emerging-market bonds and currencies has some former bulls turning negative on the outlook for the asset class.

A cohort of Wall Street’s emerging-market bulls is growing wary of calling a new dawn for riskier assets, opting for a more cautious approach to developing-nation currencies.

Adani Green Energy Ltd., a unit of one of India’s largest conglomerates, is the best performer this year among the nation’s top 100 stocks. It is also the only one in that cohort without a single analyst rating.