Eoin Treacy's view Here is the monthly list of 99 global indices ranked in descending order by dividend yields, then in ascending order by P/E, Price / Book and Price / Cash Flow.

Two of the most notable valuation contractions evident in this report are in Asia's financial centres: Hong Kong and Singapore.

The Hong Kong H-Share Index (Dividend Yield 3.75%, P/E 7.33, Price/Book 1.28) broke downwards from an 18-month range in August and found at least short-term support in the region of 8000 today. While the downtrend remains consistent it has become overextended and potential exists for a relief rally. A period of support building and a sustained move above the 200-day MA would be required to demonstrate a return to medium-term demand dominance. The Hang Seng (Dividend Yield 3.96%, P/E 7.92, Price/Book 1.23) and Singapore's Strait Times Index ((Dividend Yield 4.23%, P/E 7.22, Price/Book 1.24) have similar patterns.

(Please note: Bloomberg has changed the way it displays fundamental data for indices with negative values. Previously it simply showed N/A when an index had a negative P/E, Price/Book or Price/Cashflow. Now it displays the negative figure. This means that the rankings in our monthly report have been changed somewhat because the negative numbers appear first when sorted in ascending order.

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. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)