Bad omens

Louis-Vincent Gave & Charles Gave | GaveKal | 15 July 2013

In late May, GaveKal Research published a debate piece on the near-term outlook for equity markets. Since then, emerging markets have once again lived up to their name by proving themselves hard to emerge from during an emergency (in USD terms, Brazil is down –35% year to date while Chinese valuations are back to 2008-crisis levels). For their part, European and US equity markets have pulled back, while the only salvation has come from Japan (the one market where it's possible to find attractiv...