Analytics24
19 October
S&P7,659.4−1.11%16 Oct
Nasdaq29,187.6−2.53%16 OctStoxx6,204.2+0.58%16 OctFTSE10,816.4−0.60%Nikkei64,916.7−0.62%Hang Seng24,186.8+0.52%16 Oct10Y5.10%+1 bp16 OctS&P7,659.4−1.11%16 OctNasdaq29,187.6−2.53%16 OctStoxx6,204.2+0.58%16 OctFTSE10,816.4−0.60%Nikkei64,916.7−0.62%Hang Seng24,186.8+0.52%16 Oct10Y5.10%+1 bp16 OctS&P7,659.4−1.11%16 Oct
Markets

Appendix

The Multiples

19 October · London & New York · As of Close Fri 16 Oct

Cheap is a rate. The yield gap is still not on file. The working paper behind Ex-US value. Last-scan relatives, not a borrowed CAPE table.

A weak dollar is necessary for the discount to close. The week of 17 to 21 August printed the condition and not the basket.

KillIf the valuation gap narrows materially during a strong-dollar stretch, our conditionality is wrong.

Multi-asset

US, ex-US, rates. Session marks only. As of Close Fri 16 Oct.

Indices

  • S&P 50016 Oct7,659.4−1.11%
  • Nasdaq 10016 Oct29,187.6−2.53%
  • Euro Stoxx 5016 Oct6,204.2+0.58%
  • FTSE 10019 Oct10,816.4−0.60%
  • Nikkei 22519 Oct64,916.7−0.62%
  • Hang Seng16 Oct24,186.8+0.52%

Rates

  • US 10Y16 Oct5.10%+1 bp

Session relative · US vs the rest of the prints

  • Euro Stoxx 50 +0.58% at 6,204.2
  • Hang Seng +0.52% at 24,186.8
  • S&P 500 −1.11% at 7,659.4

FTSE is 19 Oct. Nikkei is 19 Oct. This is the 16 Oct 2026 session, not a valuation. The article that says so is The ex-US discount needs a weak dollar.

Regional yield panel

US, Europe, and Japan free-cash-flow yield, side by side. What would fill this: a dated panel we compute ourselves. We will not borrow a broker table and stamp it as ours.

Read the full theme on Ex-US value.