Emerging Europe (EE) is by far the most exposed region, but others would not be immune.
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The exception is emerging Europe, which is, in many ways, reliving the Asian financial crisis.
What seems to be overlooked by investors is the fact that stocks in emerging Europe have also seen noteworthy results.
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Dividend income may not be the only benefit: According to research from ING Bank, there appears to be a healthy dividend effect on stock outperformance in emerging Europe.
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Emerging Europe is clearly facing a new normal of much lower growth, a reflection of slow growth in key western European markets, weak banks, lower levels of foreign investment, fiscal consolidation and efforts at much- needed structural reform.
Similar cut-price operators are now emerging in Europe, such as Britain's EasyJet and Ireland's Ryanair.
Panagopulos represents a new breed of entrepreneur emerging from Europe's economic wasteland.
Differences in geographical focus are only part of the emerging division between Europe and America.
The iShares MSCI Emerging Markets Eastern Europe ETF (NYSE: ESR) also offers slight Hungary exposure and could be another short candidate.
In any event, the emerging shape of Europe is looking rather different from the edifice imagined by the leaders of France and Germany five years ago.
The news caused gold, which has advanced over the last two months on concern over the tension in the Middle East, as well as inflation in emerging markets and Europe, to plummet its most in 10 weeks.
The MSCI Europe and Emerging Markets indexes both recently traded below 11 times earnings, according to MSCI.
SBV, named after the German town where it was first detected, is an emerging livestock disease in Europe.
Ironically, the Bank was originally conceived just to help fund economic revitalization in the newly-emerging democracies of Eastern Europe.
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He says investors are souring on companies reliant on global growth, due to continuing concerns about Europe and emerging-market nations.
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Trusts are not used in many civil law jurisdictions, such as the emerging markets in continental Europe, South America and the Far East.
Easy monetary policy, which translates into negative real rates, does not just pertain to the U.S., but to Europe and emerging markets as well.
Youth unemployment is expected to rise in emerging economies in Eastern Europe, East and South-East Asia and the Middle East, according to the report.
Sockets also vary, although standards are emerging in America and Europe.
So if the incumbents can woo affluent customers in emerging Asia, Eastern Europe and Latin America, they may be able to slow the emergence of global rivals.
In my own particular context of spending most of my adult life in the emerging economies of Eastern Europe, I have been able to see this effect up close.
Wal-Mart sees more opportunity in emerging markets than in Europe, and with its potential stake in Massmart, Wal-Mart can gain a strong foothold in South Africa and the sub-Saharan market.
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Fittingly, the firm has been reducing its exposure to U.S. manufacturing in recent years, taking advantage of massive manufacturing expansion overseas to retool new factories in Europe and emerging markets.
It has around half of its home market in South Korea, is ahead of VW with a 9% share in America and is making inroads in Europe and emerging markets.
Dole has precipitated a needed debate on the long-running abuse of this important policy tool and on how America can finance its assistance to emerging democracies in Eastern Europe and elsewhere.
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Today, in terms of both assets and profits, you can just about divide HSBC into three geographic slices: North America, Europe and emerging markets like Asia, the Middle East and Latin America.
Investor demand has pushed the average yield for corporate bonds in the iBoxx Dollar Emerging Markets index for Europe, the Middle East and Africa down by a third since the start of 2012 to 4.23%.
What is the most worrisome about the current situation is that the outages seem to have the worst impact in Europe and emerging markets where we have seen revenues from BlackBerry sales rising on a year-to-year basis.
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