This table shows how US corps are worth more than entire countries

A nice comparison from BoAML's chief investment strategist, Michael Hartnett, this morning.

He points to it to show that emerging markets seem inexpensive: "Brazil's market cap barely exceeds that of Google, India's is less than Wells Fargo's and Turkey's is practically the same as Starbucks'"

Hartnett says that there appears to be a "buyer's strike" as a BoAML FX survey this week shows that of 250 clients, just seven per cent say that they're buyers of emerging market currencies.

And stocks already appear cheaper than those in developed markets, with a discount of around 35 per cent - which Hartnett says is broadly similar to previous major lows.