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.

The valuations of European indices such as those of Spain and Italy have risen over the last six months as earnings disappointed. At the other end of the spectrum P/E ratios for Japanese and Chinese indices are at relatively attractive levels. The Jasdaq Index is currently trading at a P/E of 5.75 and yields 1.6%. The China Enterprises Index has a P/E of 9 and yields 3.5%. Since these represent two of Asia's worst performing markets over the last few years, it is noteworthy that these ratios have returned to a competitive area.

The Jasdaq Index rallied last year to test the 1400 level and has been ranging above the 200-day MA since May. It is now rallying back towards last year's peak and a sustained move below 1320 would be required to begin to question medium-term scope for a successful upward break.

David's review of Chinese stock market indices yesterday may also be of interest.

(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.)