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Our main thesis is that Brexit is a net negative from an economic growth and market sentiment standpoint, but not a catastrophic event for the region. In our view, the economic repercussions under the assumption of an orderly (and not protracted in duration) divorce from the EU are manageable. Investor sentiment improved after an initially negative knee-jerk reaction to the UK referendum. Most emerging market bourses recovered ground in July, government bonds extended their uptrend, while currencies were little changed over the last month or so.