Much ink has been spilt over the leakage of collapsing crude prices into wider markets.
A new note from Morgan Stanley analysts led by Chief Cross-Asset Strategist Andrew Sheets demonstrates the degree to which the fortunes of the energy sector are currently driving stocks and bonds, but emphasizes the correlation is overdone.
Stripping out the impact of the energy sector reveals a far different picture for industrial production, corporate earnings, and inflation around the world.
Brazil Energy Insight 
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