Apr 18, 2013
Forex Flash: Downshift in EM equity performance illustrates contraction – Goldman Sachs
The cyclical norms in EM sovereign credit and EM local yields are less instructive than those in FX and equity. Credit is performing better than the script for Slowdown would suggest, but this outperformance comes after a weak Expansion. Furthermore, yields declined, contrary to what we would typically expect based on the longer history, but more in line with their ‘modern’ behavior.
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