Buy Asian stocks but brace for turbulence, say PMs

Asian equities could prove to be a good bet for 2016, despite the potentially negative impact of the US Federal Reserve’s December move to start raising interest rates, argue portfolio managers. One key argument is that regional stocks are cheap, so investors who are prepared to buy on weakness and stomach the inevitable volatility should do well over the medium term. The average price-to-book ratio on the MSCI Asia-Pacific ex-Japan Index stood at 1.31x for Japanese stocks' was 1.…