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while Singapore's economy is rebounding and corporate

with its P/BV temporarily close to 2008 lows.

helping the P/E multiple to recover to 9.5x trailing earnings.

boosting EM's ability to grow more strongly in 2013.

we believe that Asia is best positioned for economic growth in the second half of 2012. In

helping to support China's economic growth outlook for the second half of 2012 and into 2013.

China has started to ease monetary policy. We believe there is also room to do more on the

triggering negative earnings surprises. A strengthening

we expect the TOPIX trailing P/E to drop from around 16.5x to 14x

we see only limited scope for an additional earnings boost from the local

corporate earnings could drop by 5–10% over

leading to further downside for Swiss financials and the exportfocused

providing relief to Swiss financials as well as

the PE-ratio of the market is relatively high compared to the global average

we expect the currency impact to gradually become less of a

and we would expect earnings growth of 5–8% over 12 months.

helping the Materials and Energy sectors to lead the market higher. The market could re-rate

the profitability of the domestic operations could be negatively affected by the

earnings could fall by 10% to 15% from current levels until year-end

and the debt crisis leads to severe pressure on Spain and Italy. In a