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When we last updated our country snapshot on August 22nd, almost all markets across the globe were oversold. As shown below, these markets have stabilized recently and are now trading just about in the middle of their historical trading areas.

Japan and Italy are two countries that have struggled to rebound as much as others, while Hong Kong, China and India have led the gains. The green lines represent each index's historical p/e ratios. Interestingly, the Hang Seng's (Hong Kong) p/e ratio has not risen as fast as its price, indicating earnings strength amidst the market's gains.

click to enlarge

Source: China, Hong Kong Continue To Lead Global Charge