Eoin Treacy's view Here is the monthly list of 99 global indices ranked in descending order by dividend yield, then in ascending order by P/E, Price / Book and Price / Cash Flow.

Small cap indices drew my attention this month. The FTSE AIM Index is quoted in the above report as trading at a negative Price/Book value which is probably not representative of the true value but does suggest that the sector is still comparatively cheap. No P/E is quoted for the Index but the FTSE Small Cap Index, which includes a number of investment trusts, is currently trading at a P/E of 8.28, dividend yield of 2.7 and Price/Book of 1.31.

The AIM Index found support in the region of the 200-day MA between July and September and remains in a consistent medium-term uptrend. It has posted a positive return in 11 of the last 14 weeks and has become somewhat overextended relative to the 200-day MA. However, a sustained move below the trend mean would be required to question medium-term upside potential.

The FTSE Small Cap Index broke out of a yearlong range in October and retested the 3000 level two weeks ago. A sustained move below 2900 would be required to question medium-term upside potential.

The Topix 2nd Section Index is currently trading at a P/E of 17.05 and a Price/Book in the region of .62. The Index is currently rallying from the lower side of the 18-month range a s sustained move below 200 would be required to question current scope for additional higher to lateral ranging.

(Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove those indices which were most problematic. We continue to publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. I have also deleted the FTSE AIM Index from the list because it does not seem to have very reliable figures. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)