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Economic markets are not decoupled.

The strong rallies seen in the emerging market stocks are becoz of the feeling of decoupled from tensions and crisis in US and EU. It is not so. But the die-hards have a hard time to believe the consumption growth is not going to take it to new highs. 
Somebody else also thinks so. Here is an excerpt from the report of Economic Intelligence on the issue

Strong growth in many emerging markets in early 2010 has drawn new supporters to the idea that emerging economies can now power ahead independently of the developed world. Certainly, domestic demand in leading emerging economies is booming, partially underpinning the global recovery. However, this owes much to fiscal stimulus and loose monetary conditions. A sustainable rebalancing of emerging-market growth away from exports to the developed world will only be achieved gradually. In the interim it seems premature to expect emerging markets to drive global economic growth after the impact of temporary factors fades

..It goes on to add..

The idea that emerging markets have "decoupled" from demand in the developed world, or can drive global economic growth in the absence of such demand, therefore remains questionable. Emerging markets have certainly increased their resilience, and are set to play a prominent role in supporting global growth in 2010. However, absent an improvement in final demand in advanced economies, it remains likely that growth both in emerging markets and in the global economy will slacken in 2011. If current rapid rates of growth in leading emerging markets persist in the near term, they are likely to reflect loose fiscal conditions rather than any structural shift to sustainable autonomous demand. This in turn suggests a high risk of busts when support is belatedly withdrawn
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