4min chapter

The Macro Trading Floor cover image

A 2023 Global Macro Outlook | Alfonso Peccatiello & Andreas Steno Larsen

The Macro Trading Floor

CHAPTER

Equity Valuations Aren't Cheap, Right?

South America has some of the lowest valuations in PE terms relative to its own history. Europe is prized as an emerging market in equity terms, with overall trailing PE at roughly 13 on European indices. But even when you look at more defensive sectors, it ain't cheap," he says. "Path of bliss resistance is not higher equities from here with a good risk reward"

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