资金轮动流出美股之际廉价股难觅 法国兴业银行发问便宜股何在

Core Viewpoint - European and Japanese stock valuations, previously attractive to investors seeking opportunities outside the U.S. market, are rapidly disappearing as low P/E ratios are diminishing [1] Group 1: Stock Valuation Trends - The proportion of stocks in Europe and Japan with P/E ratios below 8 has decreased significantly, from 15% and 8% at the end of 2024 to approximately 3% and 2% respectively [1] - The number of high-valuation stocks in Japan is rising, with over 13% of listed companies having P/E ratios of 33 or higher [1] Group 2: Market Performance - International markets have outperformed significantly over the past year, particularly value stocks, with the MSCI Europe Value Index and the Nikkei 225 Index both soaring by 26%, compared to a 16% increase in the S&P 500 Index [1] - The average increase in the lowest P/E stock group since the end of 2024 has been around 60%, indicating that these cheap stocks have appreciated significantly [1] Group 3: Current Valuation Levels - The current P/E ratio of the MSCI Europe Index has surpassed 16, reaching its highest level since 2021, while the Nikkei 225 Index's P/E ratio is nearing 24 [1] - Daniele Antonucci, Chief Investment Officer at Quintet Private Bank, notes that while European and UK valuations are at moderate levels, they remain attractive compared to the U.S. market, leading to a reduction in U.S. stock holdings and a reallocation of assets to other markets [1]