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.

As credit conditions within the Eurozone have deteriorated a number of Eastern European countries, many of whom sourced capital in Euro or Swiss Francs have come under pressure. The result has been that stock markets have underperformed and dividend yields are now among some of the most competitive anywhere.

The Czech Index currently yields 7.1%. It has lost downward momentum somewhat and appears to have stabilised in the region of 850. A gradual reversion towards the mean is unfolding and a sustained move above 970 would break the progression of lower rally highs and suggest a return to demand dominance beyond the short term. The New Europe BlueChip Index yields 5.2% and has a similar pattern to the Czech Index above.

(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.)