Ahead of Our Brave Boys either falling foul of penalties or emerging victorious into the Quarter Finals, we have the small matter of the ongoing bloodbath in emerging markets. Our friend the EEM ETF was joined by the EMLC ETF in opening down into the new month:

EMLC is the Emerging Markets Local Debt ETF, with $4bn under management - and it has lost $0.6bn in the last month.

Its biggest holdings . . .

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