Emerging Money Daily Audio Call July 27 – Focus squarely on China where markets take their biggest move since February of 2007 down -8.5% after a relatively calm morning session word leaked that China was pulling back on their market support. 
US traded Chinese ADRs will be collateral damage and worth picking over when this is done…BIDU reports after the bell with the focus being on costs related to their push into services linkage.
EM trades all the way through December lows and pressure coming from all sides – currencies, macro and capital flows.
With 40% of US earnings come from outside the US so you will need to see a view that EM is not collapsing or investors will have to re-price their view on US multinationals if EM growth is collapsing as fast as the market is pricing into EM.
The Dollar is weaker today against the Euro but commodities are down strongly again today. We argue this is more about an unwind of positive carry trades where the Euro was sold to fund trades.
Tune into your account for more info…