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International stock markets and stock market trends

Major Stock Market Value Update November 2005

International stock markets and stock market trends

Spotting Trends expert Michael Keppler continually researches every major global stock market and compares their values based on current book to price, cash flow to price, earnings to price, average dividend yield, return on equity and cash flow return. Here is his most recent review:

Recent Developments & Outlook

Last month, after five consecutive winning months, world equity markets suffered their first monthly loss since April. The Morgan Stanley Capital International (MSCI) World Total Return Index (with net dividends reinvested) declined 1.9 % in local currencies, 2.4 % in US dollars and 1.8 % in euros.

Year-to-date, the MSCI World Index gained 8.7 % in local currencies, 3.7 % in US dollars and 17.6 % in euros.

Only two markets rose over the last month. Sixteen markets declined in their local currency.

The two rising markets were Switzerland (+1.6 %) followed by Japan (+1.5 %).  The falling markets were Netherlands (-1.5 %). Norway (-8 %), Hong Kong (-6.6 %) and Italy (-6.2 %) came in last.

Year-to-date, all eighteen markets covered advanced; there were no declining markets. Austria (+31.7 %), Denmark (+30.1 %) and Norway (+29 %) performed best; the United States (+1.1 %), Hong Kong (+4.2 %) and Italy (+8.1 %) came in at the bottom of the range.

As the US dollar has been rising all these markets performed less in US dollar terms.

There is no change in Keppler’s performance ratings this month.

Keppler's Top Value Model Portfolio contains only markets rated "Buy", in terms of good value.
These markets currently include Belgium, Denmark, France, Germany, Italy and the Netherlands at equal weights.

The Top Value Model Portfolio based on investing only in buy rated markets fell -3.5 % in US dollars and -2.9 % in euro.

Year-to-date, the Top Value Model Portfolio has gained 6.5 % in US dollars and 20.9 % in euros.

Keppler’s current ratings suggest that these markets offer the highest expectation of risk-adjusted performance.

Keppler's worst value markets (sell rating) remain the same with Austria, Canada, Hong Kong, Japan, Switzerland and the US.

Neutrally rated markets include Australia, Norway, Singapore, Spain, Sweden and the UK.

You can get ideas on shares in these top value major global stock markets from Thomas Fischer at

For more details on Keppler's analysis, contact Michael Keppler at 1-212-245-4304.

Until next message, good global investing!


International stock markets and stock market trends
November, 2005
International stock markets and stock market trends



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