Pull of the emerging economies.

The developed markets' debt woes only serve to highlight the emerging markets' strength and the potential appeal of their assets and currencies.

WORRIES about debt problems in the eurozone and Standard & Poor's downgrade of the United States' sovereign credit rating had a short-term impact on emerging markets that was generally similar to the effect on other world markets - confusion, high market volatility and a loss of investor confidence.

To us, the situation in Europe does not seem as serious as that in the US, both in terms of scale and the possible repercussions for the global economy. However, so far, we have seen no significant economic impact of …