Every month, I calculate the US equity markets valuation. I now receive a slew of terrific data on European market valuations, which I know update every month.
These charts ignores all the noise made by important European officials such as the Estonian cultural minister ; almost (basically all) the quantitve indicators indicate a very cheap European market. The numbers in the chart directly below are based on Morgan Stanley numbers for MSCI/Europe, and my own calculations. There are also charts on individual European countries; countries like France, Germany, and Norway seem to be super cheap. Overall it seems the market valuations are far cheaper in Europe than the US. I attached the most interesting of the charts concerning valuation. Click TWICE on each chart to enlarge