当前港股估值是过去10年来最便宜；标普500指数市盈率低于过去10年70%的交易日。
在高通胀和美联储持续加息的影响下，全球市场近期跌跌不休，
从全球主要指数市盈率在过去10年所处分位数来看，不少市场的估值已经处在历史极低水平（10%分位数以下），比如澳洲标普200指数、恒生指数、国企指数。
从全球主要指数估值横向对比来看，虽然美国股市近期大幅回撤，在全球股市中表现垫底，但整体而言美国的估值仍然最高。道指、纳指、标普500指数市盈率分别处于49%、18%、30%的历史分位数。
从指数市净率在过去10年所处分位数来看，目前指数市净率处在历史中枢水平（50%分位数）以下的有国企指数、恒生指数、上证指数、韩国综合指数、英国富时100指数、澳洲标普200指数等。道指和标普500指数的市净率则比过去10年80%的交易日高。
2022年华尔街最精准的分析师、美国银行策略分析师Michael Hartnett指出，随着金融环境收紧、地缘政治风险上升和全球经济增长前景黯淡，美股的估值仍面临较大的压力，美股将进一步下跌。他预计标准普尔500指数将在3300至3500点之间交易。
美银美林牛熊指标回到「最大看跌」水平，
是自全球金融危机以来投资者情绪最糟糕的水平，
牛友们觉得市场还会下跌吗？
这轮熊市会持续多久？
欢迎在评论区留言讨论~
Hong Kong stocks are currently valued at the cheapest in the past decade; the S & P 500 is trading at a price-to-earnings ratio below the 70 per cent trading day of the past decade.
Under the influence of high inflation and continued interest rate hikes by the Federal Reserve, global markets have been falling recently.
Judging from the price-to-earnings ratios of the world's major indices over the past decade, valuations in many markets are already at historically low levels (below the 10% quantile), such as the Australian S & P 200 index, the Hang Seng index and the state-owned enterprise index.
Judging from the horizontal comparison of the valuations of the world's major indices, although the US stock market has retreated sharply recently, ranking at the bottom of the global stock market, overall, the US still has the highest valuation. The Dow, Nasdaq and S & P 500 are trading in historical quantiles of 49%, 18% and 30%, respectively.
Judging from the quantiles of the index price-to-book ratio in the past 10 years, the current index price-to-book ratio below the historical central level (50% quantile) are the China Enterprises Index, the Hang Seng Index, the Shanghai Composite Index, the Korean Composite Index, the UK's FTSE 100 Index, the Australian S & P 200 Index and so on. The price-to-book ratios of the Dow and the s & p 500 are higher than 80% of the trading days of the past decade.
Michael Hartnett, Wall Street's most accurate analyst and Bank of America Corporation strategist in 2022, pointed out that US stocks will fall further as the financial environment tightens, geopolitical risks rise and the outlook for global economic growth is bleak. He expects the S & P 500 to trade between 3300 and 3500.
BofA Merrill Lynch bull-bear index returns to "maximum bearish" level
Is the worst level of investor sentiment since the global financial crisis.
Do you think the market will still fall?
How long will this bear market last?
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