SPECIAL REPORT
Global Investing
Emerging markets offer plenty of promise, but you'd better know when to buy -- and when to bolt
PLUS:
These Bond Funds Require a Strong Stomach
Returns can be fabulous, if your bonds' value doesn't shrink
|
 |
GLOBAL MARKETS:
WHO'S HOT, WHO'S NOT
A look at 20 global markets and their prospects. Click each country name in the tables below for more info.
Note: These tables were published in Business Week's International Editions as a special double gatefold, which is also available online in a .pdf version that reproduces the look it has in the printed magazine.
| ASIA LEADS THE PACK... |
| KEY | MARKET | YEAR-TO-DATE CHANGE (Dollars)* | FAVORITE SECTORS |
| HOT: Risky bets on recovery or reform |
Russia | +130% | Banks, oil |
| S. Korea | +75% | Telecoms, tech |
| Greece | +68% | Banks |
| China | +63% | Consumer goods |
| India | +53% | Tech |
| Singapore | +48% | Tech |
| Mexico | +41% | Infrastructure |
| Hong Kong | +35% | Financials |
| Japan | +34% | Financials |
| WARM: Solid growth, but not inspiring
| Poland | +16% | Infrastructure |
| Canada | +14% | Industry, tech |
| U.S. | +11% | Industry, tech |
| France | +4% | Banks, utils. |
| Britain | +3% | Drugs |
| COLD: Fallout from currency strain |
Brazil | -4% | Infrastructure |
| Germany | -4% | Financials |
| Spain | -9% | Banks, retail |
| Switzerland | -10% | Drugs |
| Italy | -12% | Utils., retail |
| Portugal | -18% | Banks, utils. |
|
...VALUATIONS ARE
ALL OVER THE MAP...
|
|
ESTIMATED 1999 PRICE-EARNINGS RATIOS |
| JAPAN | 62.4 |
| RUSSIA | 36.6 |
| GREECE | 31.0 |
| FRANCE | 27.1 |
| U.S. | 26.3 |
| SWITZERLAND | 25.4 |
| GERMANY | 24.2 |
| ITALY | 23.8 |
| SINGAPORE | 23.7 |
| CANADA | 23.1 |
| BRITAIN | 22.8 |
| POLAND | 22.6 |
| SPAIN | 21.4 |
| HONG KONG | 19.0 |
| INDIA | 18.8 |
| PORTUGAL | 18.2 |
| CHINA | 17.6 |
| MEXICO | 12.3 |
| BRAZIL | 11.4 |
| S. KOREA | N/A |
|
|
...AND MANY MARKETS ARE TOUGH TO PLAY |
|---|
|
LIQUIDITY RANKING (higher number = less liquid) |
|---|
| S. KOREA | 0.28 |
| INDIA | 0.36 |
| BRITAIN | 0.50 |
| CANADA | 0.50 |
| FRANCE | 0.50 |
| GERMANY | 0.50 |
| HONG KONG | 0.50 |
| ITALY | 0.50 |
| JAPAN | 0.50 |
| PORTUGAL | 0.50 |
| SPAIN | 0.50 |
| SWITZERLAND | 0.50 |
| U.S. | 0.50 |
| GREECE | 0.58 |
| MEXICO | 0.63 |
| CHINA | 0.63 |
| SINGAPORE | 0.82 |
| POLAND | 2.21 |
| BRAZIL | 2.53 |
| RUSSIA | 11.93 |
|
*Through AUG. 24
DATA: BLOOMBERG FINANCIAL MARKETS, MORGAN STANLEY
CAPITAL INTERNATIONAL, SALOMON SMITH BARNEY
|
|
