Takeaway: Here's why equities markets in some emerging markets are struggling.

As the US dollar strengthens, many stock markets around the world are also moving higher, but they're not all headed in the same direction.

Equities markets in emerging markets that don't have pegs to the US dollar are seeing localized inflation, and are struggling. Equities markets that are commodities-linked, like Brazil, are losing ground, too. 

Emerging Markets and the Dollar - spx brazil  2