Analysts at JPMorgan, one of the world's largest banks, noted that the global stock index rose by 11% from March lows, while there is a high probability that this rise may continue. Among the main reasons for the resumption of the rally in global stock markets, experts highlight the low valuation of securities of companies, especially outside the United States. Globally, the capitalization of companies traded on exchanges exceeds their expected annual profit by 12.6 times, which is 20% below the historical average. Analysts note that Italy stands out especially here: the average forward price/profit ratio is 7.9, which is 48% lower than the peak value of 2021 and 35% less than the median value over the past 20 years. In Germany, the coefficient is 9.9, which is 40% lower than last year's maximum and 20% lower than the historical median value. Among other reasons for the continuation of the upward trend in the markets, analysts note positive indicators of technical analysis, an unnecessarily «bearish» attitude of investors, as well as the likelihood that the «hawkish» rhetoric of the Federal Reserve will begin to change its focus. Experts also emphasize that the world's largest banks are showing strong performance and will be able to continue to support the economy with loans. At the same time, companies in the non-banking sector report only a slight deterioration, individuals have accumulated enough savings, and the labor market remains strong. JPMorgan is confident that the combination of all these factors will give the global market a good support in the medium term.
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