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#CommodityDeflation. It's bad news for commodity linked equity markets. Brazil has been the poster child of this and what we call #EmergingOutflows here at Hedgeye. The Bovespa was down -2.1% yesterday and continues to crash. It's down -22.2% year-to-date.

On a related note, the only country that’s worse off year-to-date than Brazil? Yet another mining tape. You guessed it. (Or not.) It's Peru which has gotten whacked -25% year-to-date. 

EM + Commodity Leverage = Crashing - Brazil Peru