For Emerging Markets, It Is Now Worse Than The Asian Financial Crisis

• For Emerging Markets, It Is Now Worse Than The Asian Financial Crisis
  by Tyler Durden, www.zerohedge.com  
  “It’s Black Wednesday for emerging markets,” one strategist warned and Thursday is not looking any better, as SocGen’s Berg warns “The rout in emerging markets could continue for some time, especially as the major global central banks have exhausted their ammunition in recent years, making it unlikely that they will rescue global markets this time around.” In fact, as Bloomberg reports,this year’s EM turmoil is already worse than in the same period in 1998’s Asian financial crisis (and EM FX is even worse).
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  The MSCI Emerging Markets Index dropped 3 percent to 692.76, the lowest close since May 2009.
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  More than $2 trillion has been wiped out from the value of developing-nation equities this year as the MSCI Emerging Markets Index slid 13 percent, the worst start to a year since data began in 1988. As Bloomberg reports, The drop has exceeded the 7.9 percent decline in the gauge in the same period in 1998 during the Asian financial crisis and the drop in 2009 amid the global financial crisis.
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