Global Major Market Update


September 2004 Global Major Market Update

Major markets eked out small gains this month. Over the month, eight markets advanced (compared to seventeen in our last analysis) and ten fell.

The stock markets with the highest appreciation were Hong Kong (up 7.1%), Belgium (up 3.7%) and Singapore (up 1.8%). This year Austria remains the top performer rising 31.6% with Norway up 21.6% and Sweden up 13.5%.

The worst performers for the month were Germany (-2.8%), Switzerland (–2.1%) and Italy down 1.9%. The three losers for the year are Germany

(-4%), Netherlands (-2%) and the US (-0.2%).

Six top value major markets for investing (because they offer top value) have remained unchanged for four months. They are Belgium, Denmark, Germany, Italy, Netherlands and Norway at equal weights. Now Keppler has added France as a top value market.

Keppler’s research suggests that these markets have the highest expectation of risk adjusted returns. According to his valuation work these markets are currently 18% 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 have remained for four months are Canada, Hong Kong, Singapore, Japan, Switzerland, and the USA. Neutrally rated markets include Australia, Austria, Spain, France, Sweden and the UK.

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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