EM faces tough year

摘要

Emerging markets are beginning 2015 with the gravest risks threatening the asset class since the height of the financial crisis. Headwinds range from the political and economic crises in Russia and Ukraine to troubles at Brazilian state-owned oil company petrobras and Chinese property firm kaisa to the slide in commodity prices generally, and oil specifically. Then there are more technical issues that could lead to periods of volatility for EM bonds, in particular rising US rates and a strong US dollar.