Stock valuations have surged globally this year, but none has climbed as high as those of the US benchmarks. Here’s where they stand relative to their own history and compared with peers.
As shown below, 12-month forward P/Es are above their 10-year averages across markets, most significantly the Russell 1000. Relative to the global index, however, only the Russell 1000 and the FTSE Europe ex UK remain above historical norms.
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After a protracted period of calm, volatility returned to markets in 2022—and has proven it’s here to stay in 2023. Investors are now looking to position portfolios for a potentially bumpy road ahead, leading to renewed interest in defensive strategies.
Despite the plummet in issuance during the latter half of 2022, green bonds have defied expectations and made an impressive resurgence in the first quarter of this year, with quarterly issuance reaching all time high of over USD 150 billion[i]. While broader market challenges and uncertainty persist, we look at the growth dynamics for green bonds.
The global equity rally that began last October made further headway in April, with most indexes adding to their robust first-quarter gains. Beneath the surface, however, big shifts in market and sector leadership reveal far more investor angst than these upbeat results may suggest.
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