He’s also watching Italian and French elections where euro-skeptic political parties may have greater influence. These parties have stated little interest in maintaining the European Monetary Union, and even a whiff uncertainty about the viability of the eurozone may rock markets.
“That could be devastating for global markets and devastating for risk,” Aghdasi says. “Those things are very sobering from my perspective if you’re looking at emerging markets. That’s much more frightening for me, rather than if the Fed will hike one time or four times in 2017."