We warned about the biggest canary in the coalmine, namely the Emerging Markets a while ago. We outlined how the FX Emerging space, including volatility had spiked massively while equity risk remained complacent.

As people suddenly have realized these local problems could become global, equities have been hit as well. Please see below exposure as percentage of revenues for S&P 500 companies that have larger than 20% exposure toward the Emerging Markets space.

Source: Company Filings (10-K), FactSet and Goldman Sachs