Asian equities remain attractively buoyant

Asia ex Japan equities were viewed as an attractive alternative to Western markets as the full extent of the credit crunch began to emerge. They have since weakened, but the drivers for growth remain in place. Asian current accounts are supportive. The US current account is deeply negative, while Asian surpluses have grown. This wall of money has solid foundations and, as well as helping Western acquisitions, it also aids Asian markets. At a corporate level, changes appear to be for the best in the long term. Valuations are higher but remain reasonable, balanced by rising profitability....