To provide context for our views on emerging markets, we must first consider what we believe is happening globally, says Ken Rayner of Rayner Spencer Mills Research.
The global economy continues to see fundamentals improve in terms of overall economic activity and, although there are some weak points, corporate earnings in aggregate and especially in the US, together with the health of the banking system, are on a positive trend. Progress is, however, erratic rather than in a straight line – which is to be expected as the world still lives in the aftermath of the Great Recession. In other words, there is more divergence between individual countries and regions than one might expect in a more typical recovery stage. Investors continue to worry ove...
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