Emerging market equities around the world tumbled on Monday, as fears of a recession in the United States sparked a global selloff and sent investors running...
- Emerging market equities around the world tumbled on Monday, as fears of a recession in the United States sparked a global selloff and sent investors running for safer assets like the Japanese yen.
"The overnight moves in Asia caused some panic selling, and in August we're in really thin liquidity, nobody really knows which pebble caused the avalanche," said Patrick Reid, co-founder of FX consultancy The Adamis Principle. A rebound in the yen, the most favored funding currency for carry trades, weighed on the U.S. dollar and lifted emerging market funding currencies like China's yuan.
On the data front, Turkish annual inflation fell to 61.78% in July, just below expectations, while Czech retail sales rose 4.4%.** Purchasing Managers' Index data from a number of countries including Kenya, South Africa and Russia.For TOP NEWS across emerging marketsGiverny Capital Asset Management, LLC, an investment management company, recently published its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The portfolio returned -2.
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