Salient to Investors:

Grace Tam at JPMorgan Asset Mgmt said nobody knows what will happen next, but Cyprus is something we have already seen happening in Europe, so are not concerned.

The MSCI Asia Pacific Index is at 14.9 times estimated earnings versus 14.1 for the S&P 500 and 12.7 for the Stoxx Europe 600.

Morgan Stanley cut the rating of Japanese real estate stocks.

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