Eoin Treacy's view

Only 16 of the 100 global indices in the list have a P/E of less than 15. Russia, Argentina and Venezuela all feature but lack the improving standards pf governance we regard as an important ingredient for investment. 

China is represented in 6 of these indices and Japan’s 2nd Section Index still has a Price/Book ratio of 0.6. This compares favourably with indices such as France’s CAC on a P/E of 25.4. 

The Topix 2nd Section continues to extend its advance and hit a new high today. Some consolidation is looking increasingly likely but a sustained move below the 200-day MA would be required to question medium-term scope for additional upside.  

(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 the most problematic indices. We 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.)