Emerging Money Daily Audio Call July 20 – Global markets remain constructive but are near heavy technical resistance across Europe and the US. For EM equities the path higher has been challenging and remains 
so today with another leg of underperformance this AM as local markets in Latam, Turkey, weighing on prices overall despite china trading better last night. Commodities are getting near stabilization levels in our view and there are a lot of similarities in the Copper chart to the overall chart of EM equities to the SPX.
US earnings are moving forward and providing a positive backdrop for risk along with macro and political fears having faded enough that bottom up fundamentals are now in focus.
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