Commodities, consumers and infrastructure are key

Emerging markets are not immune from the problems facing the global economy and financial system. In...

Emerging markets are not immune from the problems facing the global economy and financial system. Indeed, current conditions have effectively divided the emerging market universe into two camps: one that is acutely affected by reduced global liquidity and another where internal demand and/or rich natural resources are providing insulation from the global slowdown. In the former camp are those markets which have large current account deficits that need to be financed, such as Turkey and South Africa. These markets will bounce when risk appetite recovers, as it did in April, but should unde...