Salient to Investors:

Kim Dae Young at KB Asset Mgmt said concerns about China’s recovery are prompting investors to take profits.

The MSCI emerging-markets index is at 10.2 times projected 12-month earnings versus 13.2 times for the MSCI World.

Benoit Anne at Societe Generale said there are more bears than bulls for the first time since June 2012, a dramatic change from the extremely high bullishness just a couple of months ago.

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