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.

This month's report helps to put the stock market's recent decline into perspective. Turkey, Latvia, Greece, Italy, , Lithuania, Luxembourg, Austria, Portugal, Spain, Russia, Finland, Belgium, Czech Republic, Hungary the Topix 2 nd Section, the Japanese REIT Index, the Jasdaq Index are all trading at below their book value.

One might argue that a number of these countries are particularly exposed to the European crisis or falling commodity prices and therefore deserve a higher risk premium. However, the Russian RTSI currently yields 3.96% with an historic P/E of 4.66. It is currently testing the 2010 and 2011 lows and a sustained move below 1175 would be required to question current scope for a reversionary rally towards the 200-day MA.

(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.)