1. 9-year low in emerging market high yield credit spreads.
Yield Spread and Risk
Typically, the higher risk a bond or asset class carries, the higher its yield spread. When an investment is viewed as low-risk, investors do not require a large yield for tying up their cash. However, if an investment is viewed as higher risk, investors demand adequate compensation through a higher yield spread in exchange for taking on the risk of their principal declining. For example, a bond issued by a large, financially healthy company typically trades at a relatively low spread in relation to U.S. Treasuries. In contrast, a bond issued by a smaller company with weaker financial strength typically trades at a higher spread relative to Treasuries. For this reason, bonds in emerging markets and developed markets, as well as similar securities with different maturities, typically trade at significantly different yields.
Read more: Yield Spread Definition | Investopedia http://www.investopedia.com/terms/y/yieldspread.asp#ixzz4YeksCSSR
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Emerging Markets Ex-China
