Here is one sign of improving market sentiment: money is heading east again. Over the past fortnight, foreign investors have ploughed more than $500m into Asian equity funds, reports EPFR Global. And why wouldn't they? One of the most popular barometers of risk appetite – the MSCI Asia ex-Japan index – has gained almost a fifth since touching a four-year low at the end of October. Over the same period, the S&P 500 has shed a 10th. Nine of the top 10 stock indices this year are in emerging markets, led by China's 28 per cent surge. Templeton's Mark Mobius, among other luminaries, says it is time to back up the truck and chase bargain assets.
这里有一个市场信心出现改善的迹象：资金正再次流向东方。EPFR Global的报告称，过去的两周，外国投资者已将超过5亿美元资金投入亚洲股票基金。这些投资者怎么会不这么做呢？最受欢迎的风险偏好衡量指标之一——不包括日本的摩根士丹利资本国际亚洲指数(MSCI Asia ex-Japan Index)——自去年10月底触及4年低点以来已上涨近五分之一。同期，标准普尔500指数则下跌了十分之一。今年涨幅排在前10位的股指有9个来自新兴市场，manbetx3.0 股指以28%的涨幅名列榜首。邓普顿(Templeton)的马克•默比乌斯(Mark Mobius)等权威人士表示，现在是时候大举建仓并猎取廉价资产了。