Reality Check: Em Equities Currently Inexpensive Relative To Dmn- Global Macro Policy Impactn- Dm- Axis

By contrast, strong GDP growth in both China and India helped to attract investment and drive market capitalization upwards faster than GDP growth. For both China and India market cap/GDP nevertheless remains close to or below trend, suggesting potential for further gains on this measure. P/E ratios compared with history support the view that EM equities are relatively cheap Chart 5: Current DM and EM P/E ratios (12 month trailing) Chart 6: DM P/E ratio compared with 5 year average P/E ratio Sources: Bloomberg, TS. Following the global financial crisis EM equities recovered strongly in 2009 but since then they have failed to keep pace with DM equities which cannot be explained by the GDP slowdown or even stagnation and corporate earnings. After all, market cap/GDP has not kept pace with GDP, as discussed above; the P/E multiple has also fallen. In the aftermath of the financial crisis systemic risks originating in the Eurozone kept volatility on risky assets high and as a result investors tended to favour DM over EM, especially the relatively safe harbour of US equity. In addition, US quantitative easing provided a considerable boost to US markets in particular, albeit with overspill to other DMs and EMs. DM equities, therefore, outperformed EM over the past five years particularly during 2012 and 2013: in 2012, the EZ crisis hit EM as EZ banks pulled in their horns from trade finance and balance sheet credit extension in EM, aggravating the impact of weak DM demand and the bad results of poor EM macro and structural policies; and the 2013 taper tantrum hit the fragile five emerging markets (Brazil, India, Indonesia, Turkey and South Africa) hard as investors divided markets along the lines of current account surplus vs deficit, punishing deficit country currencies and equities. Chart 7: BRIC P/E ratio compared with five-year moving average P/E ratio Chart 8: Non-BRIC EM P/E ratio compared with five-year moving average P/E ratio Sources: Bloomberg, TS.

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and more Nods to local film talent as AACTA awards nominees are announced The Australian The acquisition continues consolidation in the Australian TV production industry following NBCUniversal's acquisition of Matchbox Pictures, Zapruder's Other Films merging with Cordell Jigsaw, the Banijay Group taking Screentime, and overseas production... Vanguard Natural Resources Slumps: VNR Tanks 10.4% in Session Some better-ranked stocks in the Oils-US Exploration & Production industry include Sandridge Mississippian Trust II (SDR), Atlas Resource Partners, L.P. (ARP - Snapshot Report) and Cheniere Energy, Inc. (LNG - Snapshot Report). While Sandridge... Vanguard Natural Resources Slumps: VNR Tanks 10.4% in Session - Tale of the ...Digital Journal all 10 news articles Progress reported on reducing risks of crude oil shipment The rail industry supports many of the State's recommendations, has made progress on one recommendation, and instituted several voluntary measures outside of the report's recommendations. However, the oil production industry has resisted stronger tank...

ALEXANDRIA REAL ESTATE EQUITIES : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) | 4-Traders

A copy of the 2015 guidance is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained in this Current Report on Form 8-K, including the exhibit referenced herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits.