What to expect from economic reports around the globe this week.

Here is something that investors can take to their “to-big-too-fail” banks: Authorities in China will never allow a full-blown credit crisis to decimate the world’s 2nd largest economy. Disappointing manufacturing data, a falling yuan and the country’s first junk bond default have all contributed to perceived investing risks.

In a matter of weeks, funds like Vanguard Emerging Markets (VWO) surged forward by as much as 8.5%. Do investors suddenly believe that Russia, Brazil and China will collectively get their developing economies back on track?

Discounts to overvalued U.S. stocks may mean that emerging markets can be described as undervalued or under-appreciated, rather than unbelievable bargains.