The Renewed surge in Emerging market equities appears increasingly at odds with the underlying fundamentals in a manner which is starting to be reminiscent of 2007, or in the case of China the aftermath of the great monetary stimulus of 2009-10. There have been five main drivers; dollar weakness emanating from the near-paralysis of the Trump administration; global flows into technology stocks which have benefited the three emerging markets in North Asia; the renewed fall in the...(continued)

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