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U.S.-China Role Reversal Roils Markets

The world economys two biggest tectonic plates are shifting, setting off increasingly evident frictions in emerging markets.

By Simon Kennedy, Bloomberg | Updated on December 16, 2014

The U.S. is accelerating and China is cooling, marking a reversal of trends that followed the financial crisis. As a result, oil is slumping as American supply rises and Chinese demand falls, capital is fleeing emerging markets, the dollar is surging, and the influence of the BRICs is on the wane.

While the biggest losers comprise commodity producers and emerging markets, Russia’s Vladimir Putin is proving the most exposed. His economy is headed for recession as the plunge in crude and the ruble deepen the impact of sanctions stemming from his aggressiveness in Ukraine.

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