Photo: Anadolu Agency via AFP/Serhat Cagdas

Turkey’s renewed meltdown (with its equity market down almost 2% in dollar terms) had little impact on the rest of the world.

Brazil, the emerging market that trades closest to Turkey (because both have a great deal of external debt) rallied this morning. So did Russia, another market which has suffered from US sanctions. It’s increasingly meaningless to talk about “emerging markets” when national stories have become uncorrelated.