U.S. stock prices are outpacing those in most other regions to start 2019, but t...
NEW YORK - U.S. stock prices are outpacing those in most other regions to start 2019, but the gap is narrow and some investors are eyeing potential catalysts to tip the scales to the rest of the world.
U.S. stocks are near 70-year highs relative to other global developed markets, according to Bank of America Merrill Lynch. Moreover, the S&P 500 is trading at 16.4 times earnings estimates for the next 12 months, more expensive than the 13.4 times for Europe’s STOXX and 11.5 times for the MSCI emerging markets index, according to Refinitiv data. Moreover, the S&P 500’s valuation gap over those indexes is wider than it has been historically.
Investors say the dollar has held up surprisingly well this year, given the more dovish stance by the Federal Reserve, but any weakening in the U.S. currency could be a boon for stocks outside the country. Europe’s STOXX has climbed 10 percent this year. A weak economic outlook - the Euro Zone economy is expected to expand 1.3 percent this year, just over half the U.S. rate - along with political uncertainty in Britain and elsewhere have pressured equities.
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