SINGAPORE (Sept 17): US stocks have been largely impervious to the brewing turmoil in emerging markets so far this year, hovering near record high levels even as stocks in the latter are being buffeted by trade tensions and contagion fears. We discussed this divergence in recent articles.

In fact, the US market has continued to rally despite many a market observer calling for caution on the back of high valuations for some time now. In a way, the fact that these narratives exist is good — it means that investors are not irrationally exuberant.

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