This month has seen dramatic new evidence of decoupling. But not in the normal sense that involves emerging markets growing independently of the industrialised world.
This time the decoupling is between two of the world’s biggest emerging markets.
While Chinese equities have been the best-performing of the big markets in the world since June 1, Russian shares have been the worst. The Chinese Shanghai index has risen 9 per cent, while the Russian RTS has fallen 19 per cent. Indeed, China on Friday closed at a one-year high, while this week Russia entered a bear market – meaning that shares have fallen more than 20 per cent from a recent peak.
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