Before last week, emerging market stocks were all the rage as an alternative to US assets, which looked overpriced considering the current environment, and compared to the emerging market growth story, one bank thinks you should Buy emerging markets although not yet.
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However, emerging market confidence was shaken towards the end of the week when Brazil’s Bovespa share index dropped 10% in a single trading day, and the dollar gained 7.8% against the Brazilian real amid new corruption allegations and concerns about the outlook for economic reforms in the country.
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