Yandex rallied 6.6% on Thursday as Geneva Ukraine talks yield first positive political developments in weeks from the core parties.
As we see the US emerge from the winter hibernation (Retail Sales, Industrial Production, Jobless Claims), we are also seeing signs of Emerging Markets recovery on Macro.
Our spread analysis of Emerging Market equities vs Developed Market equities failed to breach the .2300 level as we proposed last week after an 11% outperformance move over the preceding 4 weeks.
The recent Emerging Market rally is built off a combination of fundamental and technical factors.
Emerging Market Funds, both dedicated and ETFs, have now strung together two consecutive weeks of inflows for the first time in 6 months.