On Every Metric EU, Japanese Equities Cheaper Than US Stocks

Last week Morgan Stanley explained why it thought we could be in for one of the longest market expansions on record, pushing the S&P 500 to 3000 in the next few years. That thesis was largely based on the idea that we are undergoing a long, slow upswing that has only recently finished recovering from 2008 and begun properly expanding. But global markets are out of sync, with Japan in danger of sliding back into deflation, Europe trying to avoid its own lost decade, and the jury still out on how well China will manage its transition to slower growth….