JPMorgan Survey Shows How Quickly Emerging Markets Can Unravel
(Bloomberg) -- Herd mentality got the better of emerging-market investors this year.
Back in April, JPMorgan Chase & Co. gathered a group of clients in Washington for the International Monetary Fund’s spring meeting and asked for their top choice in the developing world. The favorites? Argentina and Turkey.
Those very currencies led global declines this year, prompting Argentine President Mauricio Macri to turn to the IMF for a $50 billion bailout and Turkey to host a conference call with 6,000 investors to curb the damage. The turmoil sent emerging-market currencies on their longest monthly slide in two decades.
JPMorgan declined to comment.
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