Emerging market equities went down by almost 11 per cent between May 22 and the first week of September 2013, significantly underperforming their mature market counterparts (which went down just one per cent during that period). MSCI indices for emerging and developed market equities showed a clear decoupling in returns from equity markets in the recent months.
EM currencies and bonds (as indicated by the JP Morgan Emerging Markets Currency Index and the Bloomberg USD Emerging Markets Composite Bond Index) were down by about seven and eight per cent respectively during the same period. These figures do not represent the trough level reached in the different markets between May 22 and September 5, 2013.