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...Flights departing from Europe emitted a total 164.5 megatonnes of CO₂ in 2023, T&E said, up 11 per cent on the previous year but still 12 per cent below 2019’s peak....
...However a stream of robust economic data and the falling levels of inflation has quelled such fears....
...Looking at a 20-year chart of the price/earnings valuations of the S&P 500 and its small cap sibling the S&P 600, it seems possible that this is what has happened to small stocks: Small caps (dark blue...
...If you take the Magnificent 7 out of the S&P 500, its multiple moves from 22 to 19. The S&P 350 is at 14....
...Thus only a fraction of overall AUM is deployed in strategies that have a direct impact on the VIX® index (e.g. 1-month over/underwriting strategies on the S&P 500 index)....
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
...For a stock that is expected to increase earnings below the S&P 500’s average pace this year and next, that’s still a lot....
...Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...That trails a 165 per cent gain by Buffett over the same period and a 211 per cent total return by the S&P....
...Emmanuel Corral, senior analyst at S&P Global Commodity Insights, says climate worries have “spurred investments in this technology from governments, research institutions and the private sector”....
...Both the S&P 500 and FTSE 100 indices have beaten that. En primeur investment returns have been poor....
...Moving from exploration to production has required an average of 16 years in the past two decades, according to S&P Global Market Intelligence....
...30x P/E multiple is sustainable given rest of the index trades at 18x,” write Goldman’s David Kostin and team....
...By September last year, all three had covered more than half of their respective 2024 production at prices above $3/mn Btu, according to S&P Global Market Intelligence....
...High multiples on which they trade have pushed the broader S&P 500 Shiller price-to-earnings ratio, aka the cyclically adjusted p/e ratio (CAPE), up from less than 30 times in late 2022 to 34 times....
...I would not want to bet that the Mag 7 would revert to a growth rate of profits near the S&P 500 average (mid-high single digits) in the next five years....
...Stocks with low P/E ratios relative to their expected growth rates are rare....
...The blue-chip S&P 500 was down 0.1 per cent in mid-afternoon trading, while the tech-heavy Nasdaq Composite had fallen 0.4 per cent....
...The FTSE 100 trades on a 11.6x P/E. This valuation puts the UK on the 38th percentile vs. its own history (since 2006)....
...Earlier this week, rating agencies S&P Global and Moody’s put Equinox on watch for downgrades deeper into junk territory, fearing that it could face a restructuring if it were unable to refinance the loans...
...In the median experience since 1984, the S&P 500 forward P/E has declined by 2% in the 12 months preceding Election Day....
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