Equities: Where Do European Sectors Stand (Valuation/Fundamentals) ?

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Source: Bank of America Merrill Lynch

Recent market sell-off has given a bit more breathing room to European equity markets. On average, the 12 month forward P/E for the Stoxx Europe 600 index currently stands at 14.4x, which looks reasonable when you consider that the market expects 10.1% EPS growth this year + 3.6% Dividend Yield.

But but but…

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Worrying Records

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« The S&P 500 has entered the longest period since 1929 without a correction of more than 5%. » While this might entail a sigh of admiration to many investors, this kind of observation (per Goldman Sach’s report published today by their equity strategy team, entitled « Correction Detection; the risks of a drawdown within a bull market ») is a source of worry to us.

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