“The 15 % surge in Nordic Equity markets this year has taken some steam out of the bull market. This has coincided with one of the longest periods of earnings downgrade we have recorded.” (SEB)
But conclusion is that valuation look resonable, there is still plenty of headroom in a historical perspective and yield is to be found in the stock market.
Blackrock on why the stock market is far from bubble territory:
“Valuations are well below peaks reached in 2000 and 2007.” (Russ Koesterich, CFA, iShares Global Chief Investment Strategist)