Industrialized countries are dropping like flies into recession. So far, emerging markets have avoided the economic meltdown. But that is changing, says David Newman. He says investors should not be tempted by the huge bond yields on offer in countries like Argentina. In today’s climate, knowing you will get your money back is much more valuable.

China’s President Hu Jintao just concluded on a victorious trip Havana on Tuesday - expanding a trade pact that could divert commodities from open spot markets.

Copper prices have fallen off a cliff since June, and not even China’s massive stimulus has bucked the trend. But Sara Nunnally says one Chilean mining firm is still planning a major expansion in production over the coming years. This could mean big profits for the company’s three major financial backers (AAUK, XTA, MITSY)… provided they survive the current commodity slump.

By grabbing $26 billion in private pension money last month, Argentina may have put itself on track for its second debt default in a decade – ironically, the very situation that country’s government had hoped its bit of leisure-fund larceny had hoped to avoid.

When Anheuser-Busch Cos. Inc. (NYSE:BUD) shareholders voted to be acquired by Brussels-based InBev N.V./S.A, it affirmed a long-term strategy to penetrate the emerging markets that have long eluded the American giant.

Latin American markets were hit hard as the credit crisis spread to emerging markets. But Sara Nunnally says Spanish banks operating in the region are recording strong profits. And they are not heavily exposed to subprime debt. Banco Santander (NYSE:STD) and BBVA Group (NYSE:BBV) are at “rock-bottom” prices right now. Sara says that makes them a strong, long-term investment option.

Whether you agree with them or not, the bailout programs will keep on coming. Keith Fitz-Gerald looks at the key impact these will have on the dollar, commodities and global stocks. He says we could be in line for a market rebound by mid-2009, and suggests six ways to prepare your portfolio now.

Surprising news out of Argentina today: Ternium (NYSE:TX), a steel maker with operations in Argentina and Mexico, reported a 15% rise in net income (year on year).

But here’s the thing. That 15% rise is overshadowed by the fact that its net income of $247 million is only half that from the previous quarter. The main reason for this drop? Lower net foreign exchange results.

In Argentina - where Contrarian Profits is based - falling commodity prices threaten to open a deep hole in the government’s budget. Martin Hutchinson says the county, and other ‘rebel’ states like Russia and Venezuela, has shown little regard for economic laws in recent years. That’s why all three will find it much harder to recover from this crisis.

Global markets are soaring today on renewed bailout efforts. But Irwin Greenstein says its probably not a good idea to jump back in to these emerging markets just yet. As always, China will be the bellwether for a sustainable recovery. And commodity prices will remain crucial for resource-rich nations.