Pleased to meet you quality meds delivery In the last month, however, we’ve seen an increase in correlation, especially in relation to emerging markets. Emerging markets are suffering a sort of mini-crisis due to the prospect of tighter global liquidity when the Fed begins to taper. That has hit countries like India and South Africa which need to import capital. Countries like those have seen strong sell-offs, but more to the point their sell-offs have begun to drive other assets, such as commodities and even developed market stocks. HSBC notes that three-month rolling correlations between emerging market currencies and the S&P 500 have about doubled in recent months.