The price ratios of MSCI Emerging Market index stocks and MSCI World Equity are converging, meaning lower beta equity prices are moving in line with higher beta.
According to Moody's, the average increase in the World Bank's commodity food price index for emerging countries was 3% year-over-year in the past 12 months, when India's index of wholesale food prices rose 10%.
When Morgan Stanley recalculates the company's rankings in its MSCI Emerging Markets Index, the consensus is that Gazprom, which holds nearly one-third of the world's natural-gas reserves and contributes 25% of Russia's tax receipts, will come out on top of the list, ahead of behemoths like Samsung Electronics .