EM vs DM

“Despite more negative earnings revisions throughout 2013, our basket of companies with high EM exposure has seen more negative earnings surprise than overall market, its equal-weighted average EPS surprise has been -0.8%.Our basket of companies levered to DM economic recovery has seen much stronger results so far, with an average equal-weighted EPS surprise of 2.7%.” (Goldman Sachs)

EM vs DM

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