1/ Looks like an opportunity to play the #greatdivergence in the market has opened up. Markets are already aware that emerging economies are set to outperform, but it hasn’t yet repriced the stocks. 
2/ This is pretty unusual from an historical point-of-view and almost looks like an arbitrage opportunity to go long EM, short DM. (Almost, its a bit more complicated than that).
3/ EM multiples tend to trade a bit weird, so in reality this could be more so a signal that the DM markets (or at least the US) is trading way too high given growth rate projections and need to come down.
4/ It still fits the #greatdivergence hypothesis though, as it shows that funny money is losing its ability to juice DM markets in the fact of low growth, inflation, and high interest rates.
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