John’s talk will focus on the current developments in emerging markets, which are providing plenty of textbook patterns. For those not following these markets closely, it is worth bearing in mind that they should not be considered as an homogeneous bloc, but are in different stages of development, and can show widely differing characteristics, the recent, fairly indiscriminate sell-off notwithstanding. As part of his theme, John will consider to what extent the old jibe is still true, “Emerging markets are those from which it is difficult to emerge!”