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Real-time market overview with CAPE valuation context
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CAPE Valuation Context
Cyclically adjusted P/E ratios — as of March 31, 2026
US
36.9xExpensive
0th50th100th
Europe
19.7xExpensive
0th50th100th
Japan
25.3xFair
0th50th100th
UK
17.2xExpensive
0th50th100th
EM
19.6xExpensive
0th50th100th
China
13.5xFair
0th50th100th
Where Are We in the Cycle?
US equities trade at a CAPE of 36.9x, in the 97th percentile of their history since 1880. This is historically expensive territory. China stands out as relatively cheap at the 36th percentile (CAPE: 13.5x). Emerging markets have moved to the 82th percentile, above their historical median.
CAPE ratios compare current prices to 10-year inflation-adjusted earnings, smoothing business cycle effects. Percentile rankings show where each market sits relative to its own history.