What are spooked stock markets discounting?

Tuesday 11 December 2018

What are spooked stock markets discounting? Let’s run through some charts. First, the world EPS growth outlook:

And valuations:

There’s lot of discounted risk in those numbers. Much more even than during the Mining GFC of 2015 when China was sinking.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.