Similar to European equity markets, another part of the world where fearful perceptions have held back equity valuations is emerging markets. After being fairly range-bound from 2012 to mid-2015, fears of a hard landing for China’s economy impacted emerging markets in the second half of 2015 and early 2016. That can be seen in the first chart showing the MSCI Emerging Markets Index. Weakness in global trade volumes also hurt emerging markets during that period.