BRIC economies are still be on pace to outperform their developed-world counterparts over the next two years, but don’t count on their stock markets matching that feat.

That’s the case made by London-based Capital Economics in a report Tuesday. The respected although routinely skeptical research firm argued that slowing growth in the BRIC nations (Brazil, Russia, India and China) is a bad omen for corporate earnings growth in their respective stock markets. Since earnings are a critical element in stock-market valuations, that doesn’t bode well for market growth.