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EM financial conditions improved but August brings risks

Our emerging markets (EM) financial conditions index (FCI) enjoyed a steady recovery through to July. For most EMs, policy support, combined with falling risk perception and interest-rate spreads and favourable asset prices, provided ample support to growth. With the renewed Argentinian crisis, August has brought heightened risks and spreads, but Fed easing and local policy support should provide some financial relief to EMs ahead.

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