Here is the monthly list of 99 global indices ranked in descending order by dividend yield, then in ascending order by P/E, Price / Book and Price / Cash Flow.

Both Portugal and Spain appear among the higher yielding markets this month at 6.27% and 4.92% respectively. Portugal has plotted a progression of lower rally highs since October 2009 and a sustained move above 8000 would be required to question the medium-term downtrend.

Spain hit a medium-term peak a year ago and needs to sustain a move above 11,000 to break the progression of lower rally highs and question potential for continued lower to lateral ranging.

Among the Eurozone's other high-debt nations, Italy has been ranging near 20,000 since April but needs to sustain a move above 21,500 to indicate a return to demand dominance.

Ireland continues to form a base mostly above 2500 but will need to sustain a move above 3500 to indicate a return to medium-term demand dominance.

Greece has been trending steadily lower since peaking in October 2009 and posted a new reaction low this week. A sustained move above 1550 would be required to check potential for additional downside.

(Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove those indices which were most problematic. We continue to publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. I have also deleted the FTSE AIM Index from the list because it does not seem to have very reliable figures. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)