210 days ago • Posted by Charles-Henry Monchau
Relative equity valuations still attractive said JP Morgan
JP Morgan about Global equity and bonds valuations >>> Equity forward P/E multiples have rerated to cycle highs, but continue scoring well relative to bond yields. Equities are trading at 21x 12m Forward P/E, 35% above historical average. However, they still remain attractive versus other assets. Indeed, Bond yields are trading around 350bp below their long-term average. The Yield gap between equities and bonds is much larger than usual.