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Opinion
John Authers

Why the Emerging-Markets Dog Didn’t Bite Yet

The resilience of EM relative to developed markets has been a turnaround. But recessions in advanced economies next year could still hurt.

So far, so good, but don’t let the guard down just yet.

So far, so good, but don’t let the guard down just yet.

Photographer: Capuski/E+/Getty

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The emerging-market dog is not barking. Amid times of global slowdown and a strong dollar, it’s the part of the world that usually takes it in the neck. Add to that a startling slowdown in China, and that should also be poison for emerging-market assets. They generally act as a leveraged play on the developed world and on China, so in these circumstances they should be performing far worse than the wealthier countries. They aren’t.