Valuation review · 28 Sept 2026Dates and sources

MSCI forward P/E and dividend yields have been refreshed for all 22 markets to 31 August 2026. This is the latest monthly observation confirmed on 28 September; the review date is not a new observation date.

DAX P/E now uses the official STOXX figure. Nikkei 225 uses the 30 September forecast P/E, explicitly labeled. Other verified benchmark observations remain dated 31 August.

Still awaiting a verified replacement: WIG P/E (13 August), S&P/ASX 200 and FTSE/JSE All Share P/E (31 July). Their older observations are retained with a visible note. MSCI figures describe separate country indices.

Polish gold reserves: 31 August 2026, NBP data reported by Bankier.pl. Other countries retain their own reporting dates; the latest WGC workbook could not be accessed, so those amounts were not reconfirmed.

Review on 1 October 2026: Australia’s 4.60% RBA rate is effective from 30 September, following the 29 September decision. South Africa retains 7.25% effective 25 September. Country cards identify the instrument and date type. NBP and Chinese LPR values retain their earlier observation dates and explicit verification limitations.

The observation period, publication date and retrieval date mean different things. A site review does not make older statistics current.

Data sources & methodology →

VALUATIONS · ECONOMY · NEWS

Markets in perspective.

Rotate the globe and select a country to inspect its headline equity valuation, economic pulse and political context.

22benchmark markets

9country indicators

ENpolitical news feed

VALUATION GLOBE

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The outline marks the selected country. Colours represent data.

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P/E<12×12–<18×18–<23×≥23×No P/E

🇺🇸

Americas

United States

High premium

PRIMARY BENCHMARKS&P 500

Trailing P/E

27.90^×

S&P 500 · 31 Aug 2026

FORWARD P/E

20.06^×

MSCI USA Index · 12M · 31 Aug 2026

DIVIDEND YIELD

1.10^%

MSCI USA Index · 31 Aug 2026

2026 YTD+11.7%29 Sept 2026 · PR

P/E valuation date31 Aug 2026

Economy, debt & sources

GDP growth2.3%2026 forecast · IMF WEO · April 2026

Inflation3.2%2026 forecast · IMF WEO · April 2026

Unemployment4.4%2026 forecast · IMF WEO · April 2026

Federal funds target range3.75–4.00%Effective from: 17 Sept 2026

Gross debt / GDP125.8%2026e · IMF

Net debt / GDP98.5%2026e · IMF

Central bank gold8,133 tJun 2026 · WGC / IMF

P/E · 1 Finance Research / S&P Global Forward P/E & dividend yield · MSCI Debt · IMF Fiscal Monitor Gold reserves · World Gold Council / IMF IFS Policy rate · Federal Reserve

Market commentary

All commentaries

1 October 2026

Coca-Cola and the history of US inflation: lessons from the five-cent priceRead article

For more than 70 years, a nickel was the familiar price of Coca-Cola. Today, a can’s price depends on the retailer, package and promotion. The story illustrates changing purchasing power — and why one product cannot measure…

30 September 2026

Polymarket: expensive money, AI listings and geopolitical betsRead article

Polymarket contract prices offer an intriguing map of expectations: expensive money in the US, a large gap between Anthropic and OpenAI listing scenarios, and cautious pricing of geopolitical de-escalation. This review examines…

28 September 2026

S&P 500: dividends near historical lows, forward P/E across decadesRead article

A dividend yield near 1.1% and forward P/E of 19.2 send different signals. A detailed analysis of distributions, historical valuations, buybacks and earnings sensitivity.

02 / COUNTRY INTELLIGENCE

🇺🇸 United States, in context

MACRO DATA · LATEST / 2026E

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03 / GLOBAL COMPARISON

Valuation board

Select a market for details. The two views keep valuations separate from debt and gold holdings.

Markets shown: 22 / 22

# / MarketBenchmarkBenchmark P/EForward P/EMSCIDiv. yieldMSCIGross debt / GDPNet debt / GDPCB gold2026 YTDSignal

Returns use local index currencies. Currency effects and dividend treatment affect comparisons; index levels cannot measure how expensive a market is.

04 / RESEARCH NOTE

Valuation and debt ratios are a starting point, not a verdict. Index composition, payout policy, fiscal assets and accounting conventions can make similar headline values mean very different things.

How to read the data & sources

VALUATION

Headline P/E refers to the named local index; forward P/E and dividend yield refer to the named MSCI country index. Dates and earnings definitions differ. Compare identical baskets and methods.

MACRO, DEBT & GOLD

GDP growth, inflation, unemployment and gross debt are 2026 IMF forecasts. Policy rates and gold holdings have separate observation dates and sources beside each value.

POLITICS

English-language Google News RSS search refreshed when a country is selected. Headlines are third-party reporting, not verified facts.

USE

For research and education only. A low or high P/E is not, by itself, an investment recommendation.

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