CHART OF THE DAY: Australians Should All Be Worried About This Chart From SOCGEN

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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