Emerging market differentiation

Mexico is not a commodity-based economy like Chile and Brazil. Mexico is more closely related to trade with the US. The US wealth pull is taking Mexico away from other Latin American equity markets.

Turkey is having ups and downs in ways not seen in Russia and South Africa which are both more dependent on commodity trade. Russia is going to continue to be a laggard given the troubles in the Ukraine. Between internal issues and sitting on the crossroads between Russia, the EU and the Middle East, Turkey will see continued volatility.

Thailand as a trade center  is the only Asian market which has set itself apart from India and China which have not shown equity strength. The big story of BRIC's has not translated into large wealth gains in the post-crisis period.