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 Italian S&P/MIB Index currently trades at a Price/Book of 0.6, yields 5.44% and has a P/E of 16. Its banking sector remains in the doldrums and in need of recapitalisation. The wider economy is the subject of wide ranging austerity measures which will weigh on domestic consumer sentiment. However Italy is also home to a number of successful globally oriented companies that should benefit from the weakness of the Euro. For examples, Luxottica (2.02%), Saipem (1.86%), ENI (6.2%), Tenaris (1.59%) and Pirelli (2.47%) are all trading back above their 200-day MAs and the upside can probably be given the benefit of the doubt provided they hold their respective 3-month progressions of higher reaction lows

The Austrian Index has a Price/Book of 0.8, dividend yield 3.4% and P/E of 14. The Austrian financial sector expanded aggressively into Eastern Europe over the last decade and has suffered as countries such as Hungary have experienced financial difficulties. The Index has lost downward momentum and returned to test the area of the 2009 low in November. It will need to sustain a move above 2100 to break the progression of lower rally highs and suggest a return to medium-term demand dominance. Andritz (2.55%), Schoeller-Bleckmann Oilfield Equipment (1.43%) have rallied back above their respective 200-day MAs. Schoeller-Bleckmann Oilfield Equipment retested its all-time peak this week. It is somewhat overbought in the short-term but a sustained move below €60 would be required to question the consistency of the medium-term uptrend.

(Please note: Bloomberg has changed the way it displays fundamental data for indices with negative values. Previously it simply showed N/A when an index had a negative P/E, Price/Book or Price/Cashflow. Now it displays the negative figure. This means that the rankings in our monthly report have been changed somewhat because the negative numbers appear first when sorted in ascending order.

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.)