The report provides an outlook for GEM (Global Emerging Markets) equities in 2014, predicting a negative year with continued underperformance relative to developed markets (DM). It highlights the misleading cheapness of GEM equities, the impact of financial sector skepticism, and the degradation of margins in non-financial sectors. The report emphasizes the importance of corporate governance and the relationship between the state and corporate sectors in emerging markets. It discusses the potential for a financial crisis in BRIC countries, particularly China, due to dysfunctional state-corporate relationships and rising debt levels. The report also covers regional outlooks for Asia, Latin America, and CEEMEA, with specific country analyses.
documents/vol00010-efta01466396-pdf.pdf
{"title":"GEM Equity Strategy Outlook 2014","key_people":["John-Paul Smith","Priyal Mulji"],"document_date":"2013-12-11","document_type":"correspondence","key_locations":["China","Brazil","Russia","India","South Africa","Turkey","Mexico","Indonesia","Philippines","Thailand","Malaysia","Korea","Taiwan","Poland"],"key_organizations":["Deutsche Bank","MSCI","BRIC","GEM","DM"],"reference_numbers":["EFTA01466396","EFTA01466397","EFTA01466398","EFTA01466399","EFTA01466400","EFTA01466401","EFTA01466402","EFTA01466403","EFTA01466404","EFTA01466405","EFTA01466406","EFTA01466407","EFTA01466408","EFTA01466409","EFTA01466410","EFTA01466411","EFTA01466412","EFTA01466413","EFTA01466414","EFTA01466415","EFTA01466416","EFTA01466417","EFTA01466418","EFTA01466419","EFTA01466420","EFTA01466421","EFTA01466422","EFTA01466423","EFTA01466424","EFTA01466425","EFTA01466426","EFTA01466427","EFTA01466428","EFTA01466429","EFTA01466430","EFTA01466431","EFTA01466432","EFTA01466433","EFTA01466434","EFTA01466435","EFTA01466436","EFTA01466437","EFTA01466438","EFTA01466439","EFTA01466440","EFTA01466441","EFTA01466442","EFTA01466443","EFTA01466444","EFTA01466445","EFTA01466446","EFTA01466447","EFTA01466448","EFTA01466449","EFTA01466450","EFTA01466451","EFTA01466452","EFTA01466453","EFTA01466454","EFTA01466455","EFTA01466456","EFTA01466457","EFTA01466458","EFTA01466459","EFTA01466460","EFTA01466461","EFTA01466462","EFTA01466463","EFTA01466464","EFTA01466465","EFTA01466466","EFTA01466467","EFTA01466468","EFTA01466469","EFTA01466470","EFTA01466471","EFTA01466472","EFTA01466473","EFTA01466474","EFTA01466475","EFTA01466476","EFTA01466477","EFTA01466478","EFTA01466479","EFTA01466480","EFTA01466481","EFTA01466482","EFTA01466483","EFTA01466484","EFTA01466485","EFTA01466486","EFTA01466487","EFTA01466488","EFTA01466489","EFTA01466490","EFTA01466491","EFTA01466492","EFTA01466493","EFTA01466494","EFTA01466495","EFTA01466496","EFTA01466497","EFTA01466498","EFTA01466499","EFTA01466500"]}