Below is a brief insight shared with Hedgeye subscribers this morning:
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EM SLOWING - A broad backslide in commodity prices + China Slowing + U.S. Growth/Policy divergence is still not a positive macro factor cocktail for EM. EM equities, FX and Carry Trade vehicles have stabilized the last couple weeks, but the growth outlook does not sit as a catalyst for a durable rally. Indeed, the continued rotation to Quad 4 both globally and domestically doesn’t herald resurgent strength and would likely auger further dollar strength, exacerbating conditions pressuring EM assets. |
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