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

Portugal, with a dividend yield of 6.1% tops the list this month. The Index formed a Type-2 bottom with right hand extension from early 2009 and will need to sustain a move above 9000 to indicate a return to medium-term demand dominance.

Portugal Telecom with a weighting of over 15% is the largest share on the Index and yields 7.91%. The share hit an accelerated peak near €10 in November and has since unwound its overbought condition relative to the 200-day MA. It is currently testing the €8 area and will need to hold above the January low near €7.80 if the medium-term bullish outlook is to be sustained.

Portugal Telecom's impressive yield is comparable with that offered by a number of other European national telecom operators: Belgacom (8.05%), France Telecom (8.93%), Telefonica (7.7%), Deutsche Telecom (7.21%), Koninklijke KPN (6.78%), Telecom Italia (5.16%), Teliasonera 5.11%, Vodafone (4.73%) and Telenor 4.14%. Most of these shares have utility like characteristics with reasonably low growth and reliable cash flows.

Vodafone is a dividend aristocrat, has one of the more consistent uptrends and a truly global presence with solid growth prospects. The progression of high reaction lows would need to be broken with a sustained move below 160p to question medium-term upside potential. (Also see Comment of the Day on December 1st).

Telenor has spent much of the last year ranging below NOK100 and recently found support in the region of the 200-day MA. A sustained move below NOK86.50 would be required to question scope for some additional medium-term upside.

Belgacom has been ranging above €24 since mid 2009 and a sustained breakout in either direction would be required to question potential for this condition to remain in place.

Both France Telecom and Deutsche Telecom have impressive yields but the respective shares remain in lengthy base formations following the heady days of the TMT bubble. A fundamental catalyst would likely be required to spark enough bullish interest for these shares to enter a new medium-term bullish phase.

Among Portuguese higher yielding shares, Brisa Auto Estradas Portugal, the toll way operator, is also worthy of mention. It yields 6% and has sustained a progression of higher reaction lows since retesting the 2009 nadir in May. A sustained move below €5 would be required to question medium-term potential for continued 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.)