Valuation – Defensive Assets vs. Assets More Sensitive to the Economy Valuations suggest that we’re a long way from a return to normal times, as the market remains concerned about long-term growth. Image: Morgan Stanley Research
Valuation – U.S. Stocks vs. Eurozone Stocks Will eurozone stocks outperform U.S. stocks in coronavirus recovery? Image: Gavekal, Macrobond
Valuation – Indian Equities Relative to Emerging Market Equities Indian equities lag emerging market peers in recovery. Image: Alpine Macro
FY2 P/E Multiple of S&P 500 Top and Bottom Valuation Quintiles The valuation gap between high and low valuation stocks has become the widest since 2000. Image: Goldman Sachs Global Investment Research
Valuation Metrics Across Assets Median valuation metrics remain elevated by historical standards. Image: Goldman Sachs Global Investment Research
Valuation – MSCI World P/E Global equity valuations appear expensive, even based on EPS including the recovery. Image: Goldman Sachs Global Investment Research
MSCI ACWI Value vs. Growth Relative Valuation and Global Manufacturing PMI Chart suggesting that value should outperform growth in the recovery phase. Image: Morgan Stanley Research
Equity Over-Valuation Composite Indicator Is the current stock market the most overvalued since 1998? 78% of FMS investors think so. Image: BofA Global Fund Manager Survey
FY2 P/E Premium of Highest vs. Lowest Valuation S&P 500 Firms The dispersion of stock multiples has narrowed but is still wide relative to history, despite the recent value rally. Image: Goldman Sachs Global Investment Research
Cross-Asset Valuations on their 10-Year Range Equity risk premiums suggest that equities are still cheaper than average. Image: Morgan Stanley Research