Spotting
Trends expert Michael Keppler
continually researches
every
major global stock market
and compares their values
based on current book to
price, cash flow to price,
earnings to price,
average dividend yield, return
on equity and cash flow return.
Here is
his most recent review:
Recent
Developments & Outlook
In
December global equities
recovered strongly after
their short
correction to finish at new
annual highs. The Morgan
Stanley Capital
International (MSCI) World
Total Return Index (with
net dividends
reinvested, December 1984=100)
advanced 4.2 % in local currencies,
3.3% in US dollars and 5
% in euros.
Learn more about the Tokyo
Stock Exchange
http://www.tse.or.jp/english/index.shtml
All
eighteen markets that Keppler
reviews achieved
positive returns in
November. Japan (+7.2 %),
the Netherlands (+6.8 %)
and Switzerland
(+5.4 %) were the
strongest markets in their
home
currency, while Spain (+1
%), Hong Kong (+2.8 %) and
the UK (+2.8 %)
turned in the lowest – but
nevertheless positive – performance.
Year to date, Austria (+38.5
%),
as well as Denmark and Japan
(both up 35 %), performed
best (in local currencies).
Since all major markets advanced
during the first
eleven months 2005, even
the worst performing markets
had positive
returns.
The
United States market had
the lowest return at
(+5.1 %), Hong Kong
(+7.1 %) and Italy (+12.3
%).
There
is no change in Keppler’s
performance ratings this
month.
Keppler's
Top Value Model Portfolio
contains only markets
rated "Buy",
in terms of good value.
These
markets currently include
Belgium, Denmark,
France, Germany,
Italy and the Netherlands
at equal weights.
The
Top Value Model Portfolio
based on investing only in
buy rated
markets fell -3.5 % in US
dollars and -2.9 % in euro.
Year-to-date,
the Top Value Model Portfolio
has gained
6.5 % in US
dollars and 20.9 % in euros.
Keppler’s
current ratings suggest
that these
markets offer the highest
expectation of risk-adjusted
performance.
Keppler's
worst value markets (sell
rating) remain the
same with Austria, Canada,
Hong Kong, Japan, Switzerland
and the
US.
Neutrally
rated markets include Australia,
Norway, Singapore, Spain,
Sweden and the UK.
You
can get ideas on shares
in these top value major
global stock
markets from Thomas Fischer
at FISCHER@jyskebank.dk. For
more details on Keppler's
analysis, contact Michael
Keppler at
1-212-245-4304.
Until next message, good
global investing!
Gary
