Eoin Treacy's view The Argentine MERVAL Index caught my eye this month because it continues to trade at one of the lower P/Es globally and has a Price/Book of only 1.3. On a casual inspection these appear to be low valuations for a leading market. In local currency terms the Index is hitting new all time highs. In US Dollars, the Index remains in a consistent uptrend and broke upwards to new recovery highs last week. A downward dynamic would be required to check momentum beyond a brief pause.

(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.)