Emerging-market debt not fairly valued, says Pictet

Financial markets responded positively this week to Spain's newly announced tough austerity measures and the resolution of the UK's uncertainty over its future government. However, concerns remain over potentially poor future growth in the eurozone and its likely effect on developing countries such as those in Asia. The €750 billion eurozone bailout announced last weekend means that all countries -- including the bigger economies such as France and Germany -- will have to carry out f…