明晟新兴市场指数（MSCI Emerging Markets Index）已经跌到了历史平均值11.4以下，如今约为11.2，是2016年初以来的最低点。今年早些时候，它曾升至13.3，随后美元上涨冲击了新兴市场的股市。
瑞士信贷（Credit Suisse）亚太区的首席投资官约翰·伍兹表示，到今年9月，股价可能还会更低。他在接受Bloomberg Radio采访时称：“我确实认为估值看起来很有诱惑力。在夏天的这几个月里，流动性依然不足，股市还可能出现短期的继续下行。”（BT365的网址是多少）
This year’s unrelenting slide in emerging-market stocks makes them relatively cheap, at least judging by a price-to-estimated-earnings ratio that’s now hovering at the lowest in more than two years.
The ratio for the MSCI Emerging Markets Index has fallen below its historical average of 11.4 and has now reached about 11.2, the lowest levels since early 2016. It rose to 13.3 earlier this year before a rising dollar sideswiped emerging equities.
Developing-nation stocks slid almost 9 percent this year after a stellar 35 percent rally in 2017. Rising U.S. rates, trade tension and worsening growth outlooks have all dampened investors’ appetite for riskier assets. The more challenging backdrop also led analysts to start reducing forecasts for corporate profits, which had been expected to underscore a rally this year after rising in recent years. Estimated per-share earnings for the MSCI benchmark have been falling since April.
Credit Suisse’s Asia-Pacific chief investment officer, John Woods, says stocks may get even cheaper through September. “I do think valuations are looking compelling” in emerging markets, he said in an interview on Bloomberg Radio. “There’s some short-term downside likely over the illiquid summer months.”