The Impact of the US Recession on Emerging Markets

If the US goes into recession definitely there's huge repercussions for AM especially for globally exposed stocks. We are seeing more and more signs of decoupling between US and China which is a good thing because if the US does go into recession we're still seeing 5% growth in China so that will somewhat offset the effect. For us specifically we are staying very close to domestic teams, looking for true emotional market stocks that are exposed to the dynamics of local demand. And reopening actually when he comes to hospitals because of healthcare tourism.