Indian equities are at all time highs, and the reverberations around PM Modi’s emphatic victory are widespread for EM.
Yandex rallied 6.6% on Thursday as Geneva Ukraine talks yield first positive political developments in weeks from the core parties.
Last night Baidu (BIDU, qoute) reported $8.40/share comp EPS for 4Q 2013 which beat the street by a small amount, but the key to the report was a 1Q outlook that gives investors reason to believe more growth is coming.
Yandex (YNDX, quote), the Google of Russia, is +4.5% today and now +9% in 3 days after the drubbing of EM and Russia saw a lot of momentum players sell stock and some directional players shorting stock.
EM vs SPX: Despite a small relief rally in emerging markets as illustrated by the EEM (EEM, quote) ETF there is no expectation the MSCI EM Index to which the EEM is pegged will outperform in the near term even if the Fed steps back from their taper temporarily.
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