Decoupling was not supposed to work this way.
The grand theory was that decoupling by emerging markets would be good for everyone – they would grow even if consumers in the developed world caught a cold, and help everyone through.
The latest data suggest a decoupled world, but that does not seem so positive. In Asia, the Reserve Bank of India sent a signal that it was ready to start tightening monetary policy once more. Programmes to help finance banks were withdrawn, and the bank upgraded its inflation forecast – a big political issue in a country where many live in poverty. Indian stocks are now at their lowest level for a month, down 8 per cent from their recent peak.
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