Asian stocks tipped for multi-year rally

Emerging-market stocks – particularly in Asia – are still heavily undervalued despite a strong first-half rally, say investment experts at Pictet Asset Management and Societe Generale. After a bad 2015 – in which the MSCI EM index fell 14.9% – EM stocks have rebounded, returning 11.2% last year and another 18.4% in the year to June 30. Pictet AM was particularly bullish on Asian equities in its five-year investment outlook last week, tipping them for an annual average return of …