The biggest worry in the global economy now is emerging markets, particularly China

Last week I wrote about the asset-price fuelled boom fading. Back then the biggest worry for the market was Japan and Abenomics. However, in reality the biggest concern is emerging markets. I gave you some reasons why last week. Here are a few more.

In the US, the Fed's assessment of the economy is broadly upbeat. They see the economy expanding at a 2%+ pace over the next two years, the fiscal drag from austerity notwithstanding. And while I am more concerned about the economy falling out of ...

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