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.

The events of the last six weeks have resulted in contractions for historic P/Es as the price component fell relative to reported earnings. If fears of a global slowdown are credible then earnings for the next few quarters are likely to be less impressive and P/E ratios should rise.

Yields have also risen as prices have fallen. Dividends are likely to be more secure among companies leveraged to the growth of the global middle class rather than those with a particular focus on Europe or the USA.

Price/Book ratios have also fallen back to more attractive levels. A total of 15 indices in the above table trade at a value of less than 1. Some of the more noteworthy are the FTSE AIM Index (0.5), the Italian S&P/MIB (0.6) and the Austrian ATX (0.9).

The AIM Index encountered medium-term resistance below the psychological 1000 level in January. It has posted a progression of lower rally highs since and accelerated lower in early August. Prices have stabilised over the last month above 700 but will need to hold above 733 to indicate demand is beginning to return to short-term dominance. A sustained move above 880 would be required to indicate medium-term demand dominance.

The Italian S&P/MIB Index is performing more or less in line with the Euro STOXX Banks Index and retested its August low today. A sustained move above 16,000 is the minimum requirement to suggest demand is returning to dominance.

The Austrian ATX completed a medium-term Type-3 top in July and broke sharply lower in line with global stock markets. It has posted a higher low and a higher high since early August but will need to hold above the 2050 if the short-term demand dominated environment is to be sustained.

(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. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)