Emerging Money Daily Audio Preview Call – December 13 - Your Ticket Around The World – On the call we find emerging markets completing almost 4.5% down week with 6% month to date moved gives us a 15% move off the highs in September versus develop markets with another 3% move. So the relative value trade/the pain trade continues to be against emerging markets.
We will review the data from China last night we tell you that while Chinese GDP won't hit 7.5% and why equity funds remain very bullshit that it's and not just that the local shares market that we talked about that's doing very well. We’ll at the leaderboard as we get into the big cap China names that continue to do well.
We’ll then move over to Russia and talk about the discount to Russia equities as it could go deeper in the hole.
We’ll wrap the call up and review the backdrop of risk off and why the Yen is having its best week in 16 months is not good for emerging markets. It wells us is that funding currencies are being covered after big moves. You need to see if this just respite ahead of the Fed meeting next week but we are seeing the U.S. rates moving higher in anticipation of the Fed. Have a great weekend.
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