Given the run - up in economically sensitive assets, many investors appear to be buying into this thesis; witness the surge in industrial metal prices (see the chart below). (blackrockblog.com)
Although global GDP is difficult to measure in real time, historically, changes in industrial metal prices have been a reliable proxy. (blackrockblog.com)
Put differently, in quarters when industrial metal prices rose, emerging market equities outperformed developed markets by roughly 3.5 % on average. (blackrockblog.com)