To start off the month, below we highlight the trading ranges and historical P/E ratios of ten major country indices. As shown below, all indices except China made a nice bounce in the final week of November. European indices saw some of the biggest gains, and interestingly, their valuations stayed relatively low. The same can't be said for the P/E ratio of the S&P 500. As shown in the first chart below, the S&P 500's current trailing 12-month P/E is now higher than it was when the market peaked on October 9th.
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