One of the nations causing most concern among those analysing the emerging market sector is Ukraine, where fears the country could default on its vast amount of debt has risen sharply. After a two-week dispute with Russia over gas supplies, the cost to insure its bonds against default through credit default swaps has jumped to record highs, according to Markit, the data provider.

Fears over the Ukraine economy are also intensifying, in spite of the bail-out by the International Monetary Fund last year.