DM Valuations Monitor Global Markets Valuations Monitor (March 2024) The valuations of “risky” assets have kept rising so far this year, even as “safe” asset yields have rebounded. While risky asset valuations are quite high by past standards, we doubt this will... 21st March 2024 · 1 min read
DM Valuations Monitor Global Markets Valuations Monitor (December 2023) The valuations of “risky” assets have recovered somewhat lately as “safe” asset yields have tumbled. While we suspect any slowdown in global growth could put risky asset valuations back under pressure... 19th December 2023 · 1 min read
DM Valuations Monitor Global Markets Valuations Monitor (October 2023) The valuations of “risky” assets have only been undermined a little by the big rise in the yields of “safe” assets in recent months. We think that the valuations of risky assets may fall a bit more in... 2nd October 2023 · 1 min read
DM Valuations Monitor Global Markets Valuations Monitor (July 2023) The continued rise in the valuations of “risky” assets relative to “safe” ones mostly seems to reflect growing confidence in the economic outlook. We think that optimism will be disappointed and that... 26th July 2023 · 1 min read
DM Valuations Monitor Global Markets Valuations Monitor (May 2023) This revamped Global Markets Valuations Monitor combines and replaces our previous DM Valuations Monitor and EM Valuations Monitor publications. 12th May 2023 · 1 min read
EM Valuations Monitor Relative resilience of EM equity valuations could fade We don’t think the valuations of emerging market equities will continue to hold up better than those in developed markets if, as we expect, the global economy slips into recession. 21st October 2022 · 8 mins read
EM Valuations Monitor Assessing contagion risks for EM valuations Even though equity and bond valuations in frontier markets and a few smaller emerging markets (EMs) have fallen sharply, we think the risk of contagion is low and that most EMs will hold up relatively... 21st July 2022 · 7 mins read
EM Valuations Monitor We think EM valuations will weather Fed tightening We don’t expect ongoing tightening by the Federal Reserve will see the valuations of emerging market equities or bonds plunge, even if they are unlikely to rebound much either. 21st April 2022 · 7 mins read
EM Valuations Monitor Assessing the relative valuations of EM equities Emerging market equities’ relatively low valuations may continue to hold them in better stead than equities in the US, but we think they will do less well compared to other developed market equities. 1st February 2022 · 8 mins read
EM Valuations Monitor Lower valuations may not help EM equities outperform We don’t think the low valuations of emerging market (EM) equity indices relative to those of developed markets (DMs) is reason to expect EM equities to outperform over the next couple of years. 18th October 2021 · 8 mins read
Bonds & Equities We doubt valuations will support China’s stock market While measures of the valuation of China’s stock market have fallen recently, we don’t expect them to rebound soon. This helps to underpin our fairly downbeat forecasts for the country’s stock indices... 5th August 2021 · 8 mins read
EM Valuations Monitor Low valuations may not support LatAm equities While the valuation of the MSCI Emerging Markets (EM) Latin America Index is now low both by past standards and on a relative basis, we think that further gains in the index will be driven mostly by... 22nd April 2021 · 8 mins read
EM Valuations Monitor We doubt Chinese equities are in a bubble The valuations of Chinese equities have risen considerably over the past few months. But we don’t think that they are yet in a big bubble that is bound to burst soon. 19th January 2021 · 8 mins read
EM Valuations Monitor EM sovereign $ bonds are not undervalued in our view While sovereign dollar bond spreads in many emerging markets (EMs) are quite high by past standards, we think this is largely justified by the deterioration in fiscal positions caused by the... 16th October 2020 · 8 mins read
EM Valuations Monitor High valuations unlikely to preclude further rally While the valuations of emerging market (EM) equities look high relative to their past levels we don’t think that this will necessarily prevent them from rising further, provided that the continued... 15th July 2020 · 7 mins read
EM Valuations Monitor Valuations unlikely to continue to support EM equities We think that the returns from emerging market (EM) equities in 2020 won’t be anywhere as good as in 2019. While this view is partly premised on our forecast that earnings growth will generally be... 13th January 2020 · 7 mins read
