Salient to Investors:

  • Jonathan Garner at Morgan Stanley said the problems are more than just reaction to a Fed tightening, but include declining relative return on equity compared to developed markets.
  • The Russian Micex is at 5 x estimated earnings, the cheapest in emerging markets.
  • The MSCI Emerging Markets Index is at 10.9 x estimated earnings versus 14.8 x  for the MSCI World Index.
  • BNP Paribas lowered its rating on the Hang Seng China Enterprises gauge .

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