Morgan Stanley believes Japan’s stock market will fall by 11% 4444.kk.com

Morgan Stanley believes Japan’s stock market will fall by 11% [Abstract] Japan’s stock market has been overvalued. Japan’s Topix index current earnings ratio of 16.4 times, while the index in the past 5 years the average price earnings ratio of 13.3 times. According to "Barron’s" article, Morgan Stanley (Morgan Stanley) said that since Britain from Europe, Japan and emerging market stocks have been rising, and rising fast, is expected to soon callback. Morgan Stanley believes that Japan’s stock market will return 11%, other emerging markets will not exceed the stock market fell by more than 7%. First, Japan’s stock market has been overvalued. Japan’s Topix index current earnings ratio of 16.4 times, while the index in the past 5 years the average price earnings ratio of 13.3 times. At the same time, the market price earnings ratio of 14.1 times, the average price earnings ratio of emerging markets is about 10.6 times. In addition, Morgan Stanley strategist Jonathan Garner believes that investors are optimistic about the earnings outlook for the Japanese stock market. The average expectation of investors and Morgan Stanley on the Topix index earnings lower than 18%. At the same time, Morgan Stanley’s earnings for emerging markets is expected to be 13% lower than the average investor’s expectations. The third reason is that global investors believe that emerging market equities are more favorable. Global fund managers have recently raised funds to buy emerging market equities, the first since 2010. Garner said in a research report, if the Fed will not raise interest rates in September, then the global bond yields will be very small, China’s economic growth is slowing, which may lead to more capital inflows to emerging markets. At the same time, Merrill Lynch survey also showed that global fund managers for the low level of the Japanese stock market hit a new low since 2012. These fund managers believe that the Japanese stock market is now too expensive, or the Japanese company’s earnings outlook is not so good. The above factors, Morgan Stanley bearish on the Japanese stock market. (Yilia) more exciting content to welcome the search WeChat public concern number: Tencent Finance (financeapp).相关的主题文章: