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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EMERGING MARKETS
- Russia remains the ‘cheapest’ market according to our value scoring model (versus Turkey previously).
- The rise in political instability has been weighing on RUB and Russian equities in the past three months; SBER RX is down 35% since its October peak.
- In addition, the Ruble is the worst performing currency among the EM world since the start of the year, down 2% against the US Dollar.
- Turkish equities also remain 'cheap' based relative to other EM markets as political and economic uncertainty combined with dovish CBRT have been weighing on TRY and domestic risky assets.
- On the other hand, Czech equities, which are currently trading at a 13-year high, mostly driven by 'hawkish' CNB and global liquidity, still appear 'expensive' according to our scoring model.
- Indian equities remain the most expensive market, with current price-to-book and PE ratios of 4 and 29.1, respectively (vs. 1.86 and 14.3 for the EM MSCI index).
- In this chart, we rank the 16 EM equity markets (15 countries + EM index - MXEF Index) from 'cheapest' to the most 'expensive' ones based on the Price-to-Book, Price-to-Sales and Price-to-Earnings ratios.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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