Perspective on U.S. and Non-U.S. Valuations
Market capitalization of U.S. companies is nearing an all-time high while market cap for European and Japanese companies is below average, as seen in our chart.

Market capitalization levels around the world show the U.S. approaching an all-time high while overseas markets are near all-time lows. The outlook for European markets has markedly improved. China is stabilizing and emerging markets are rallying. Consideration of this valuation gap between the U.S. and elsewhere may be helpful as you evaluate your portfolio allocations and the implications for your long-term investment objectives.

For additional insights on global markets, see our 2017 Midyear Outlook.