Emerging Money Daily Audio Call February 25 – On the call today we discuss global markets and relative value.
Concerns about U.S. valuations very different than those in Europe and emerging markets (EEM, quote). Stronger PMIs across Europe and the weaker currency are momentum drivers.
Speaking of PMI, China (FXI, quote) delivering better data last night and bringing more support to the commodity basing thesis we stand behind. Oil (USO, quote) prices are stronger again today as inventory data better than expected and demand measures look far stronger than the market expects for 2015.
We will tell you where we think true demand is. Finally Brazil (EWZ, quote) weak today as Petrobras (PBR, quote) is downgraded but how much of this was in the price?
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