Why the EM meltdown doesn’t change my positive macro view

Today's commentary
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. ...


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