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Italian Stocks Are Priced More Like Brazil Than Europe: Chart

Italian shares have had a torrid start to 2016, falling to valuations similar to the ones of emerging markets. Milan’s benchmark FTSE MIB Index trades at 0.9 time its book value, a lower level than for the Turkish or Brazilian equity gauges. AXA Investment Managers’ Gilles Guibout, who helps manage $748 billion in Paris, sees this as a buying opportunity.