EFTA Document EFTA01459554

CIO View Special limt.art*torel Fatuity 2016 14 Risks to emerging markets Aside from U.S. high yield, emerging markets have been especially shaken up by recent turbulence. For emerging markets as a whole, the sell-off on the back of falling oil prices does not reflect deteriorating macro-economic fundamentals. Most emerging markets are net importers of oil. The same basic logic holds as for developed markets: lower oil prices should be a net plus for net importers. The problem is that t