Turmoil in emerging markets continues.

The rout in emerging markets has continued today, with the South African rand (EZA) sliding 1.5% at the time of writing, the yield on 10-year government bonds jumping 19.5 bps to 8.09%, and the JSE Top 40 sinking 2.3%. Meanwhile, The Indian rupee (INR) hit a fresh record low of 59 to the dollar and is down by over 7% since the start of May. Elsewhere, Thai shares lost 5.1%, Indonesia 3.5% and the Philippines 4.6%. Worries about the tapering of the Fed's QE and countries' individual problems have combined to cause the losses.