For FY14, it does appear that while emerging market currencies in general tended to depreciate against the dollar and bond yields went up almost across the board, there was no clear picture for stock indices. However, emerging market stock prices tended to decline more than those of developed countries. But importantly, the world markets do appear to be progressively getting integrated and are influenced by noises emanating in other geographies as the cross border flow of funds do have a very important role to play in driving not just currencies but also interest rates and stock markets.
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