The anatomy of bull markets since 2009 differs greatly among regions. GS did a good job deciphering the drivers of rising equity markets in different countries, which show the contribution of both valuation (P/E i.e. investor psychology) and fundamentals (i.e. real corporate profits).
As is shown below, Japan, the US and MSCI Asia ex_Japan have had the sounded rebound with the largest contribution coming from EPS. Europe is clearly the most worrying rebound with most of it coming from higher multiples and very little coming from EPS growth.