Source: Bloomberg

Hyundai was the star performer on the KOSPI overnight, up 4.8% despite a decline in sales and dicey prospects for the auto industry as a whole. The Korean automaker didn’t do anything in particular to deserve the bid, except to be a cheap stock. At 7X trailing earnings, Hyundai looks like a bargain compared to its own history. It traded at around 10X earnings in 2011.