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.

Following the impressive performance of global stock markets over the last two years there are now only 9 indices in this report's universe trading below their respective book values. Some obvious candidates are markets particularly hard hit during the credit / debt crisis such as Greece. Two in particular caught my attention.

The Italian S&P/MIB Index has a Price/Book of 0.9, dividend yield of 3.47% and a P/E of 11. It has been ranging mostly above 18,500 since late 2009 and has sustained a progression of higher or equal reaction lows since May 2010. A sustained move below 21,000 would now be required to question potential for some additional higher to lateral ranging.

The FTSE AIM Index completed a Type-3 top (ranging, time and size as taught at The Chart Seminar) in June 2008, found support towards the end of that year and has since rallied to test the lower side of the top formation. It found support in the region of the 200-day MA three weeks ago and a sustained move below 850 would be required to question the consistency of the medium-term uptrend.

(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.)


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