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In the last month, Emerging Market equity dispersion attenuated from April’s highs; it remains high relative to recent history and in absolute terms.
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Correlation remains particularly elevated in Europe, and close to alarmingly so. The expectation is that a solution will be found for the upcoming Greek payment due to the IMF, the alternative continues to weigh heavily on European equities.
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Otherwise, not a great deal has changed since our previous dashboard: dispersion for the S&P 500®, S&P MidCap 400®, S&P SmallCap 600®, S&P Europe 350® and the S&P Ex-U.S. Developed LargeMidCap declined slightly in May and remain low relative to history, although higher than last year’s record lows.
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