The year is not ending on a high note for the MSCI EM Index despite hitting a 3 year high sometime in the 3rd quarter.
MSCI EM Index Yearly Graph
We are closing the year lower than last year, thanks to the drag by Russia and their oil mob. EM economic numbers are haphazard and out of synch as big brother China is on a clean up rampage and fast forwarding financial reforms, leaving the rest of the EM markets behind.
Stock markets have mostly done well to contrasting degrees, particularly if you throw in the forex element. Argentina may look good on paper gains but not when the currency loss of 24% against the USD and the cost of credit insurance of 11.3% is thrown in.
China, India, Philippines, Thailand and Pakistan eclipsed the unlucky losses in Malaysia and South Korea, as far as Asia is concerned.
