Emerging markets present opportunities, even though they are as beset by Europe as the rest of the world and have additional problems of their own. Sensitivity to Europe is hardly surprising.

Beyond the great cloud of uncertainly rising from the old continent, China, in particular, depends on Europe as a market for its exports, and many other emerging economies depend on China as a market. Still, for all the legitimate concerns, matters looking into the second half of 2012 should face much less adverse pressure than during the last 12 to 24 months.

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