S&P 500 is rather just S&P 5 – Nordea

Risk appetite is kept decently alive still, even if differences across assets but also intra-asset are growing more and more bizarre by the week currently, per Nordea.

Key quotes

“P/E multiples for the 10% most expensive global stocks are historically wide versus P/E multiples for the 10% in Global Stoxx 3000 with 5.5 times wider multiples in the top-tier compared to the bottom tier, which can either be seen as a value investors nightmare or dream-scenario.”

“A more tangible example is the ratio between the so-called FANG stocks and the total S&P 500 index, which is now at record highs (again).”