Emerging markets face a more challenging year

The global backdrop is likely to remain supportive of emerging markets in 2008, but the year ahead will likely be a more challenging one, according to Merrill Lynch.ôEmerging equity markets are on course for another impressive year,ö Merrill Lynch says in a report. ôThe backdrop is likely to remain the dominant feature, with China and global growth still going strong, further commodity-price strength, and a weaker US dollar. All of this should lead to further outperformance, but not w…