Cartoon of the Day: Emerging?

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.