Analytics24
3 September
My list
S&P7,747.7+1.06%
Nasdaq29,482.3+1.16%Stoxx6,382.6+0.32%FTSE10,831.5+0.70%Nikkei64,769.7+0.86%Hang Seng25,753.6+2.14%DXY99.00−0.00%EUR/USD1.1633+0.41%USD/JPY156.08−1.79%GBP/USD1.3534+0.37%Gold4,518.9+0.61%Silver67.26+0.43%WTI91.89+0.65%Brent95.77+0.26%10Y4.76%−3 bpVIX14.32−5.79%S&P7,747.7+1.06%Nasdaq29,482.3+1.16%Stoxx6,382.6+0.32%FTSE10,831.5+0.70%Nikkei64,769.7+0.86%Hang Seng25,753.6+2.14%DXY99.00−0.00%EUR/USD1.1633+0.41%USD/JPY156.08−1.79%GBP/USD1.3534+0.37%Gold4,518.9+0.61%Silver67.26+0.43%WTI91.89+0.65%Brent95.77+0.26%10Y4.76%−3 bpVIX14.32−5.79%S&P7,747.7+1.06%
Markets

Appendix

The Multiples

3 September · London & New York · As of Close Thu 3 Sep

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, FX, commodities. Last-scan marks only. As of Close Thu 3 Sep.

Indices

  • S&P 5007,747.7+1.06%
  • Nasdaq 10029,482.3+1.16%
  • Euro Stoxx 506,382.6+0.32%
  • FTSE 10010,831.5+0.70%
  • Nikkei 22564,769.7+0.86%
  • Hang Seng25,753.6+2.14%

FX

  • DXY99.00−0.00%

Rates

  • US 10Y4.76%−3 bp

Session relative · US vs the rest of the tape

  • Hang Seng +2.14% at 25,753.6
  • S&P 500 +1.06% at 7,747.7
  • Nikkei 225 +0.86% at 64,769.7
  • FTSE 100 +0.70% at 10,831.5
  • Euro Stoxx 50 +0.32% at 6,382.6

This is today's move, not a valuation. Hang Seng leading the S&P on a soft-dollar session is dispersion, not a re-rating. 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.