Are we seeing a re-run of the summer sell-off?

The sell-off in emerging market (EM) assets following the Fed’s decision to taper its asset purchases in December has prompted comparisons with last summer’s turmoil. But while the latest data from EPFR Global suggest that EM assets did see significant net outflows in December, the scale was much smaller than, say, last June. Timelier data from stock exchanges also show that net foreign sales of Asian equities remain well below the peak they reached seven months ago.