While some still see commodities like oil naturally
than anyone now expects -- at least in the long term -- the
commodity markets spent much of this week reeling, taking emerging
stocks with them. Copper remained a
, but ended the week completely unchanged. And as the
European debt crisis
flared up again, the
continued -- but not without sudden
stocks sank 1.7%, largely on weakness in the country's biggest
commodity stocks. Petrobras (
) sank 3.9% and Vale (
) plunged 4.4% as traders fled signs that China may be tapering off
its once-massive commodity imports.
plunged another 3.6%, largely due to the
flight from commodity-oriented names
like Gazprom (
). Nonetheless, at this point some now see Russia as a bargain
play, or at least
, stocks were almost completely unchanged as traders shifted
from fleeing what they see as elevated inflation risks and into a
new appreciation of the robust domestic economy.
remained a key way to play the thriving Indian consumer story.
stocks also ended the week flat. On the one hand, the
latest inflation numbers
coming out of Beijing indicated that price pressures are alive and
well even as industrial activity cools. But as commodity prices
declined, the oversold Shanghai market paradoxically got a
bit of a boost
on hopes that at least external pressures would ease. And in the
remained extremely richly priced.