As we pointed out a short while ago (here), most stocks are valued at quite a premium today. Taking a deeper look into the MSCI Europe constituents, we find that a significant number of stocks in nearly every sector are trading at or above 25x P/E:
For the Health Care sector, with 50% of its members trading at such a high valuation, we find that nearly all of the sub-industries are participating:
In addition, the vast majority of Information Technology stocks in the MSCI Europe index are now trading over 20x P/E:
And a few companies in the Consumer Staples sector are at much higher valuations than even the sector averages initially suggest: