EM turmoil and Eurozone laggards
The meltdown in Brazil is not exactly unexpected since one of my ten surprises for 2014 was that Brazil goes into recession. But I find the pace of the currency reaction alarming and we should be prepared for a crisis as a result. In the developed economy, despite sluggish growth, I am generally positive on the near-term. France and Italy are the laggards to be concerned with.