EM equities pushed higher in August as the rest of the world took a breather. U.S. equity markets yawned as summer vacation wound down and kids headed back to school. Among global equities, EM stocks again led the way. Technology again led all sectors, finishing the month 3.2% higher. Realized equity market volatility was low on average, but was itself volatile, and finished the month at its highest level since May. The correlation between stocks and bonds pushed higher in August, but remained negative.