Emerging Markets May Have More Room to Run

The video discusses the valuation argument against the SNP, highlighting the trends in ATM earnings since 2010. It introduces the Morgan Stanley Indicator as a proxy for global trade volumes, emphasizing its impact on emerging markets. The discussion shifts to the macro and micro perspectives on stocks, noting the influence of trade flows on earnings. Finally, it examines the relationship between US stock earnings and trade, considering factors like offshoring and the US trade deficit with China.

In what way do U.S. stock earnings relate to trade flows?

What factors contribute to the relationship between U.S. corporate earnings and offshoring?