UBS, JPMorgan Validated as EM Stocks Are Havens Amid Rout
- Selloff was mostly in Asia, losses much smaller elsewhere
- Cheap valuations were no hedge as South Korea, Russia sank
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Even as global markets suffered the worst bout of turmoil in years, commentators from JPMorgan Chase & Co. to UBS Group AG said developing nations would ride out the storm.
JPMorgan’s Diana Amoa said it wasn’t a taper tantrum, while UBS’s Geoffrey Wong dismissed the selloff as a mere blip, predicting a quick rebound. Others, like Ashmore Group Plc’s Edward Evans, insisted emerging markets were well supported by earnings growth.