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Global Equity Monitor

This Global Equity Monitor uses five charts from the Guide to the Markets to analyse the state of the global equity market and assess where opportunities, and risks, may lie.

Download the Global Equity Monitor

Valuation dispersion remains wide

Disparities exist both within the US and across regions

Elevated valuation dispersion is most clear within the US. The largest 10 stocks in the S&P 500 currently trade on 30x forward earnings vs. 20x for the broader market. This gap can be partly explained by earnings growth, which has been meaningfully stronger for the largest stocks in the index over recent quarters compared to the rest of the market.

However, valuation dispersion is also elevated across regions. European stocks, for example, trade at a near-record 39% valuation discount to the broad US market. This dispersion likely reflects the varying economic backdrops experienced by different regions over recent quarters, as well as the sector make-up of regional equity indices.

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Terms and conditions

Table of Contents

For Professional Clients

Terms of Use

1. General information

2. Privacy and cookie policies

3. Key investment risks

4. Combating financial crime

5. Company information

6. Legal information

Accessibility Statement

Fund Explorer

Capabilities

Fund Information

Market Insights

Portfolio Insights

ETF Insights

Webconferences

Global Equity Monitor

Valuation dispersion remains wide

Disparities exist both within the US and across regions

Earnings are expected to broaden out from the tech megacaps

Don’t miss out on opportunities in other sectors

More regions are also expected to see healthy earnings growth

This broadening could influence returns

Elevated margins make a quality tilt prudent

Look for stocks that are best placed for margin growth

Income is on offer globally

Dividends can be sustained across regions