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JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

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EMERGING MARKETS
  • In this chart, we compute the z-score of P/B ratios of the 16 EM equity markets (15 countries + EM index - MXEF Index) using over 10 years of data (starting January 2010) and then rank them from 'cheapest' to 'most expensive' based on the distance between the minimum value and the current z-score.
  • Interestingly, Malaysia and Indonesia appear as two of the 'cheapest' markets based on historical ranges.
  • The two equity markets usually appear among the most 'expensive' ones using our value scoring method, which ranks equities markets based on a range of ratios at a specific time.
  • Chile is currently the second 'cheapest' equity market as political uncertainty had been weighing on the CLP and domestic risky assets in 2021.
  • At the top, India remains the 'most expensive' market among the EM world, with a current price-to-book ratio of 4 (vs. 1.85 for EM MSCI index).
  • Hungary is the second most 'expensive' equity market with equities currently trading closed to their all-time high (all-time high in Hungarian equities was reached in early November 2021).

Source: Bloomberg/MNI

MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com
MNI London Bureau | +44 203-865-3850 | yvan.berthoux@marketnews.com

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