How stretched are US valuations?

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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