With the stellar run in the U.S. property market in 2013 and the economic recovery, all eyes are now on Europe and emerging markets.
In a new report titled “Investing In Dysfunctional Markets: Why Emerging Markets Could Crash Further,” Societe Generale Patrick Legland, Daniel Fermon, and Laure Fauchet point out that this is a 3-step crisis.
Europe is seeing a nascent recovery but now we’re seeing a real rout in emerging markets.
Here’s their chart of the three-step crisis:
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