The past month has brought signs of stabilisation across the emerging world. EM financial markets largely shrugged off concerns over a possible US default and regained some of their lost ground following this summer's sell-off. Meanwhile, the recent activity data give reason to believe that the worst of the slowdown in EM economic growth may be over. While significant downside risks remain in key EMs, we think that growth in the emerging world as a whole is likely to edge higher in the coming quarters.
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