BofA’s sell side indicator dipped to a nine-month low in August, a sign Wall Street’s enthusiasm for U.S. stocks is waning.

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Over the past six months, there’s been an extreme decoupling between U.S. and emerging market equities, which typically move in the same direction. Now, the correlation between the two has turned the most negative since 1996, which followed the Mexican currency crisis that preceded the broad Asian financial emergencies.

The divergence narrative was reinforced this week by data signaling no reprieve for some of the most embattled emerging markets. South Africa unexpectedly sank into a recession in the first half of 2018 while Turkish inflation accelerated by more than anticipated in August.

At the same time, a looming budget showdown between Italy and the European Union that’s seen spreads blow out has sparked risk aversion and reduced the appeal of European assets.

Still, the emerging-market selloff of recent weeks amid turmoil in Turkey and Argentina might not yet be sufficiently severe to spill over to U.S. markets or domestic activity.

The growth in export orders is off the boil worldwide, but the U.S. is holding up better than other large economies.

The current U.S. policy mix is “potentially poisonous” for developing nations, according to Christian Keller, head of economic research at Barclays Plc. He sees as trade restrictions hampering their ability to capitalize on higher U.S. growth via exports, while rising U.S. interest rates in light of more robust activity stateside bring capital to American assets.

For the U.S. dollar, relative outperformance going forward may be mostly driven by the lack of strength everywhere else.

“The dollar is overvalued and the Fed isn’t doing anything to send it higher, but that’s enough for it to remain top dog in currency markets in the absence of good news elsewhere,” writes Kit Juckes, a global fixed income strategist at Societe Generale. “There’s not much to make me think the dollar should be going up, but there’s plenty to make me nervous about other currencies.”