What’s top of investors’ minds this week?

Markets have recovered sharply from their post-April 2 lows. The S&P 500 has risen 10.9% from its April low pushing its 12m forward P/E up from 18x – close to its 35y average – to 20.1x, vs. still below average Asian valuations. MSCI China has bounced 10.8%, MSCI ASEAN has risen 11.6%, and Japan’s Topix has jumped 15.8% from their April lows.

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