Global stock investors seeking some upside action seem to be finding it in EMs, especially the BRICs. The BRIC MSCI stock price index is up 17.4% since it bottomed earlier this year on March 14. They must be attracted to the relatively low valuation of the index, which has a forward P/E of 9.0 though with quite a bit of dispersion: India (16.1), Brazil (10.3), China (8.9), and Russia (4.9). On a YTD basis and in US dollars, the India MSCI stock price index is up 22.5% followed by Brazil (15.5) and China (0.9). Russia is back down by 14.5% after the downing of the Malaysian passenger jet.
Today's Morning Briefing: (1) Complacency setting stage for correction or melt-up? (2) Stock prices meandering, avoiding both extremes, for now. (3) Bearish contrarians on alert as all the bulls continue to buy the dips. (4) We are all investment strategists now. (5) Are stock investors too upbeat on the Eurozone? (6) BRIC MSCI outperforming. (7) Abe may be losing his mojo. (8) US inflation in comfort zone. Too close to absolute zero in the Eurozone.
