Europe may be the seat of fears for the global recovery, but emerging stock markets are the ones feeling the most pain.
Declines among several emerging market indices are worse than developed country benchmarks this year, defying the stronger outlooks there.
Brazil's Bovespa index has fallen 10 per cent this year. Russia's Micex is down 5 per cent. In China, the Shanghai Composite has plunged 19 per cent.
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