Snippet from today's FTD:
China's CSI500 small cap index has apparently reached a P/E of 68, only a bit short of its all-time-high of 69 in early 2008.
Similar indices for other emerging markets show much lower P/Es: Brazil 28, India 12 and emerging markets overall 18.
It's always a bit tricky to calculate market P/Es, but 68 sounds extremely high by any measure.
Bubble-trouble, or appropriate reflection of China's marvelous future?