Global Major Market Update


Once a month eClub expert Michael Keppler looks at all major stock markets and determines which markets offer top value (buy candidates), low value (sell candidates) and which are neutral. This is the July 2004 update.

Major markets recovered strongly after several months of correction. Over the month, seventeen major markets rose and only Switzerland fell. The investment markets with the highest appreciation were Norway (up 7.1%), Austria (up 6.2%) and Denmark (up 6.1%). This year Austria has been the top performer rising 21.5% (but it dropped this month) with Norway up 21.5% and Sweden up 17.2%.

The top value major markets for investing now because they offer top value have remained unchanged for the last two months. They are Belgium, Denmark, Germany, Italy, Netherlands and Norway at equal weights. Keppler’s research suggests that these markets have the highest expectation of risk adjusted returns. According to his valuation work these markets are currently 20.2% undervalued.

You can get ideas on shares in these markets from Thomas Fischer at FISCHER@jyskebank.dk

The major markets which Keppler rates as low value markets with the worst expectations of risk-adjusted returns are now Canada, Hong Kong, Singapore, Japan, Switzerland, and the USA. Neutrally rated markets include Australia, Austria, Spain, France, Sweden and the UK.

The Top Value Model Performance which follows Keppler’s analysis outperformed the MSCI Benchmark by 2.2% last month. For more details on Keppler’s analysis, contact Michael Keppler at 1-212-245-4304.

Friday's message looks at Keppler’s top value emerging markets.

Until then, good investing,

Gary


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