Analytics24
1 October
S&P7,666.5+0.19%
Nasdaq30,501.6+0.31%Stoxx6,175.5−1.49%FTSE10,428.3−1.68%Nikkei68,956.7+3.30%Hang Seng24,613.3+0.37%30 SepDXY102.05+0.59%EUR/USD1.1246−0.72%USD/JPY158.08+0.33%GBP/USD1.3197−0.51%Gold4,207.8+0.50%Silver61.35+2.08%WTI92.91+2.75%Brent102.21−1.27%10Y5.24%−5 bpVIX16.39+0.31%S&P7,666.5+0.19%Nasdaq30,501.6+0.31%Stoxx6,175.5−1.49%FTSE10,428.3−1.68%Nikkei68,956.7+3.30%Hang Seng24,613.3+0.37%30 SepDXY102.05+0.59%EUR/USD1.1246−0.72%USD/JPY158.08+0.33%GBP/USD1.3197−0.51%Gold4,207.8+0.50%Silver61.35+2.08%WTI92.91+2.75%Brent102.21−1.27%10Y5.24%−5 bpVIX16.39+0.31%S&P7,666.5+0.19%
Markets

Appendix

The Multiples

1 October · London & New York · As of Close Thu 1 Oct

Cheap is a rate. The yield gap is still not on file. The working paper behind Ex-US value. Last-scan relatives, not a borrowed CAPE table.

A weak dollar is necessary for the discount to close. The week of 17 to 21 August printed the condition and not the basket.

KillIf the valuation gap narrows materially during a strong-dollar stretch, our conditionality is wrong.

Multi-asset

US, ex-US, rates, FX. Session marks only. As of Close Thu 1 Oct.

Indices

  • S&P 5001 Oct7,666.5+0.19%
  • Nasdaq 1001 Oct30,501.6+0.31%
  • Euro Stoxx 501 Oct6,175.5−1.49%
  • FTSE 1001 Oct10,428.3−1.68%
  • Nikkei 2251 Oct68,956.7+3.30%
  • Hang Seng30 Sep24,613.3+0.37%

FX

  • DXY1 Oct102.05+0.59%

Rates

  • US 10Y1 Oct5.24%−5 bp

Session relative · US vs the rest of the prints

  • Nikkei 225 +3.30% at 68,956.7
  • S&P 500 +0.19% at 7,666.5
  • Euro Stoxx 50 −1.49% at 6,175.5
  • FTSE 100 −1.68% at 10,428.3

The S&P is 1 Oct. This is the 1 Oct 2026 session, not a valuation. The article that says so is The ex-US discount needs a weak dollar.

Regional yield panel

US, Europe, and Japan free-cash-flow yield, side by side. What would fill this: a dated panel we compute ourselves. We will not borrow a broker table and stamp it as ours.

Read the full theme on Ex-US value.