Emerging Markets reliant on oil

Emerging markets continue their reliance on oil as the recent failure to reach a production freeze by the OPEC members in Doha takes effect.

The 21-day correlation between Bank of America Merrill Lynch's High Yield Emerging Markets Corporate Plus Index and Brent crude futures has dropped to 27.2 per cent from more than 60 per cent earlier this year. The current level is much closer to the five-year average of 24 per cent.

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