Highlights from our latest issue:
Investors remain upbeat about US equities with indicators pointing to extended leverage.
A range of valuation metrics are close to multi-decade highs, pointing to modest longer-term returns.
Capital expenditure is sustaining earnings growth but higher base effects and slowing growth in spending through 2027-28 suggest a turning point may be approaching.
The FTSE100 CAPE and our dividend discount model suggest the index could offer long-term value, although these indicators do not guarantee returns.
The DAX40 index is climbing the Wall of Worry surrounding the automotive and software applications sectors.