The emerging-market bloodbath seemingly came out of nowhere to become one of the biggest economic stories in the world.
In fact the Brazilian stock market, South Africa’s rand, and India’s rupee have displaced gold as the single worst-performing asset class of the year.
Deutsche Bank’s new “House View” report has a slide charting returns since the beginning of the year and since May 22 when interest rates started to rise on talks that the Federal Reserve could soon begin tapering its monthly purchases of $US85 billion worth of bonds.
As you can see much of the EM bloodletting began in May.
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