On the surface, U.S. stocks appear more expensive than international stocks, but a quantitative comparison reveals the impact of sector valuations.
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Our analysis finds that industry group weightings play a significant role in valuation discrepancies between U.S. and European equities.
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Aaron M. Cooper D. William Kohli Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Brett S. Kozlowski, CFA Christian J. Galipeau Katherine Collins, CFA, MTS, Head of Sustainable Investing and Stephanie Henderson, Analyst, Equity Research Shep Perkins, CFA, and Simon Davis Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch Paul M. Drury, CFA, Portfolio Manager and Garrett L. Hamilton, CFA, Portfolio Manager Putnam Fixed Income Team Brett Goldstein, CFA, Portfolio Manager, and Seamus Young, CFA, Investment Director Gerard P. Sullivan Darren A. Jaroch, CFA, Portfolio Manager and Caroline G. Edwards, CFA, Senior Investment Director Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Onsel Emre, Ph.D. Jo Anne Ferullo, CFA Joykrishna Mahato Jeffrey B. Sacknowitz Katherine Collins, CFA, MTS D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Mike Dullaghan Michael P. Wands, CFA Michael V. Salm Christian J. Galipeau and Brendan T. Murray, Senior Investment Directors; Seamus S. Young, CFA, Investment Director Shep Perkins, CFA, Co-Head of Equities, and Elizabeth Rogers, Analyst Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam Portfolio Managers Robert J. Costello III, CFA Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Paul D. Scanlon, CFA, Co-Head of Fixed Income | T.L. Tsang, CFA, Analyst Simon Davis Seamus S. Young, CFA Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Vivek Gandhi Putnam Investments Walter D. Scully Izzet Yildiz, Ph.D., Analyst | Michael J. Atkin, Portfolio Manager | Jo Anne Ferullo, Senior Investment Director
With the United Kingdom beginning to move forward with Brexit, we see risks to the economy, the pound, and the markets.
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With the economic changes instituted under Prime Minister Shinzo Abe since he took office in December 2012 slowly taking effect in Japan, companies are increasingly under pressure to deliver...
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Europe and Japan, facing structural challenges, offer underappreciated recovery potential, even as emerging markets face new headwinds.
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The European Central Bank is undertaking measures to reduce the risk of deflation and encourage lending, but they are not a guaranteed cure for the region.
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