Singapore
THE Bric grouping of Brazil, Russia, India and China has never looked so disunited to stock investors.
While Chinese and Indian benchmark equity indexes have surged an average 40 per cent this year, Russian and Brazilian gauges posted a mean drop of 4.2 per cent. The annual divergence is on pace to be the biggest since economist Jim O'Neill coined the term in 2001, leaving the combined market capitalisation of Chinese and Indian equities US$5.2 trillion larger than that of Russia and Brazil, according to data compiled by Bloomberg.
"From a cyclical point of view, these four countries could hardly be more heterogeneous," Hartmut Issel, the head of equity and credit for Asia Pacific at UBS...
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