Brazil and Mexico still look cheap

Over the past year we have seen a significant improvement in the outlook for many emerging markets, largely in response to the broad-based pick-up in global economic activity. This, in turn, has led commodity prices to recover from last year's depressed levels, particularly those of base metals and oil. As producers of these commodities, emerging markets stand to make considerable gains Asian equities benefited most this year as investors moved back aggressively once the shoots of economic recovery began to emerge. However, we are still positive on the outlook for the region. Investment is...