View of the growth cycle for different countrises from Morgan Stanley. Growth peaking and bottoming.
To be compared with estimates over the most expensive markets. According to SocGen, US and Swizerland have the most expensive stock markets in the World. Sweden not far behind. Since more or less all equity strategists agree that we should see better times and higher corporate profits ahead, the safe haven countries to the right should underperform relative to the countries in the other end. This is of course is the current argument for e.g. buying European equities.