Finding respite for emerging market currencies and bonds
from Pensions & Investments
The market has embraced the “weak China, weak commodities, weak emerging markets” argument with disconcerting uniformity. We are not saying that the concerns raised are unjustified, but the sell-off in emerging market currencies and bonds may have gone too far. The scale of the adjustment that emerging markets have already undergone has so far found little appreciation. To grasp arising opportunities, watch out for the following three factors: the U.S. dollar, commodity prices and the credit cycle.
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