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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 January 31, 2026
US
40.0xExpensive
0th50th100th
Europe
20.8xExpensive
0th50th100th
Japan
26.1xFair
0th50th100th
UK
17.3xExpensive
0th50th100th
EM
21.3xExpensive
0th50th100th
China
15.7xFair
0th50th100th
Where Are We in the Cycle?
US equities trade at a CAPE of 40.0x, in the 99th percentile of their history since 1880. This is historically expensive territory. Japan stands out as relatively cheap at the 44th percentile (CAPE: 26.1x). Emerging markets have moved to the 88th 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.