Global Equity Valuations Vary Significantly
An analysis of key equity markets globally reveals first that 12-month forward earnings valuations are typically above their long-run median levels and second, that valuations vary considerably. Japanese, Chinese and Canadian equity markets are the only ones trading lower than their historic median while US valuations appear elevated on an historical basis. Australian valuations are at the extreme upper end of their historical range. Ranges illustrate 10th to 90th valuation percentiles.
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