This page looks at different measures of equity earnings and valuations across four areas of the world: The U.S., China, EM, Japan, and Europe. The left side of the page shows growth in earnings estimates for 2020 and 2021. This illustrates the recovery in international earnings is expected to outpace that of the U.S. The cyclical nature of those markets will benefit from the reopening of the global economy. The right side of the page compares each region’s current valuation to its 25‐year history. Forward price-to-earnings ratios are shown in the developed world while forward price-to-book is shown in emerging markets.