A weaker dollar and a Federal Reserve that appears increasingly patient regarding interest rate hikes are bolstering the case for emerging markets. Related: Brazil ETFs Roar Back as Government Incompetence Ends Some investors are reevaluating Brazilian stocks, something that has benchmark indexes there trading at the highest multiples in a decade. Adjusted for inflation, the MSCI Europe ex-UK Index traded at 15 times earnings at the end of June, compared to its long-term average of 19.4 since the 1980s.