Emerging market contagion back with a vengeance as Turkey pops

The plunge in the Turkish lira has set off a wave of selling across emerging market assets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.Although the ripple effects may not yet be of the scale of the financial firestorms of 1997-2000 or the global financial crash of 2008-2009, seemingly indiscriminate selling of emerging markets as far afield as South Africa, Russia and Mexico was clear this week as Turkey's crisis deepened.There were hopes earlier this