In Emerging Asia, we continue to underweight China and India but a little less so with somewhat improved terms-of-trade. In Emerging Europe/Middle East/Africa, the oil exporting markets of Saudi Arabia, Qatar, Kuwait, and U.A.E. are still overweighed although their terms-of-trade trend based on an 18-month trend has become more muted. In Latin America, we continue to overweight Brazil and Chile with inexpensive valuations. On the negative side, as metal/mining exporters, they have had decidedly downward terms-of-trade trend
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