Summary: I am alarmed at how quickly economic and market volatility has spread throughout the emerging markets. However, I remain positive about the big picture global macro outlook because recent data show that Europe, the US and now China are still keeping the economic recovery on track.
Yesterday's commentary on the emerging markets was downbeat because of my alarm at how quickly the situation seems to be deteriorating across such a large swathe of seemingly unrelated economies and markets. From Russia to Brazil to Mexico to Indonesia to India to Turkey, we are seeing major market volatility and declining growth or outright economic contraction. It is the breadth of the downdraft and the fact that it is both a real economy and market phenomenon that is troubling. ...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.