By Kevin Allison and Antony Currie
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.
When Michelle Bachelet takes office as president of Chile for the second time on Tuesday, the person who places the blue, white and red striped presidential sash round her neck will be Isabel Allende - the first woman in Chilean history to be leader of the senate.
Emerging markets bear John-Paul Smith first made his call to underweight emerging equities at the end of 2010. In a note released late on Monday he points out that such a position would have paid off handsomely -- since end-2010 emerging equities have underperformed MSCI's World index by 27.5 percent and U.S. MSCI by 37.6 percent.
Taiwan's forecast-beating export data today came as a pleasant surprise amid the general emerging markets economic gloom. In a raft of developing countries, from South Korea to Brazil, from Malaysia to the Czech Republic, export data has disappointed. HSBC's monthly PMI index showed this month that recovery remains subdued.