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.
這裏有一個市場信心出現改善的跡象：資金正再次流向東方。EPFR Global的報告稱，過去的兩週，外國投資者已將超過5億美元資金投入亞洲股票基金。這些投資者怎麼會不這麼做呢？最受歡迎的風險偏好衡量指標之一——不包括日本的摩根史坦利資本國際亞洲指數(MSCI Asia ex-Japan Index)——自去年10月底觸及4年低點以來已上漲近五分之一。同期，標準普爾500指數則下跌了十分之一。今年漲幅排在前10位的股指有9個來自新興市場，中國股指以28%的漲幅名列榜首。鄧普頓(Templeton)的馬克•默比烏斯(Mark Mobius)等權威人士表示，現在是時候大舉建倉並獵取廉價資產了。