World Equity Index Valuations Tables
Comment of the Day

January 06 2011

Commentary by Eoin Treacy

World Equity Index Valuations Tables

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.)
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