Global Equity Market Snapshot: Price and P/E Ratios

Below we provide historical price and p/e charts of ten major global equity markets.  As shown, Germany and the UK are right at breakout levels, while France, Italy and Japan are still well below their 52-week highs.  Hong Kong, Brazil, India and China remain in overbought territory, although they stumbled on their upward journey today.  Their gains have been accompanied by large p/e expansions (as shown by the green lines in the charts).  France's CAC 40 has actually seen its p/e ratio contract over the last month, as earnings growth has outpaced price gains.  At right we highlight the current trailing 12-month p/e ratios for the indices shown below as a reference for anyone who may be looking for it.