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How valuations are justified (and cheap): Eye on the World 29/07/20
29/07/2020
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Markets eased ahead of FOMC and big-tech Congress testimony today. Backdrop improving with better-than-feared Q2 transatlantic earnings and flattening new US virus cases.
HOT TOPICS justifies current ‘high’ equity valuations, and importance of low bond yield and trend GDP outlook. Market valuations are well supported, with our Gordon growth model fair value US P/E close to current levels, the dividend yield gap at a record high, and the bond ‘P/E’ over 140x.
16-page daily includes: Market recap and What to watch; Hot Topic analysis; Country and Sector allocation eye; Key views; US and global performance, valuation, earnings, and macro forecasts; and report Library.
