David Fuller'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.

As greater visibility on peripheral Eurozone earnings has come through, P/E ratios spiked higher. The Spanish IBEX Index offers an excellent example. As earnings disappointed and have stabilised at a much reduced rate, the ratio hit a peak in April near 96 and has since compressed to 75. Over the same period, dividend yields have compressed from approximately 8% to the current 4.68%.

In absolute terms, the Index has rallied over the last month to test the upper side of this year's range. A sustained move above 8700 will be required to begin to confirm a return to medium-term demand dominance.

As the Eurozone moves beyond the worst of the credit crisis, we have already seen that the export sector has outperformed, benefitting efrom improving competitiveness. The rejuvenation of the internal Eurozone economy will take longer but there are signs that the situation is improving. Today's German manufacturing numbers are encouraging and suggests that bargain hunting in Europe is likely to pay off but that each share will need to be assessed on its individual merits.

(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.)