Advertisement
UK markets open in 3 hours 32 minutes

  • NIKKEI 225

    38,329.39
    +777.23 (+2.07%)
     

  • HANG SENG

    17,114.45
    +285.52 (+1.70%)
     

  • CRUDE OIL

    83.34
    -0.02 (-0.02%)
     

  • GOLD FUTURES

    2,337.10
    -5.00 (-0.21%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,459.45
    -102.97 (-0.19%)
     

  • CMC Crypto 200

    1,435.29
    +20.53 (+1.45%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

STOCKS NEWS EUROPE-Italian stocks cheapest in Europe in terms of P/B

Reuters - UK Focus

Italian stocks, which have strongly outperformed broad European stock indexes as well as U.S. markets so far this year, are still the cheapest stocks in Europe in terms of book value, according to data from Thomson Reuters (Frankfurt: TOC.F - news) Datastream.

Italian shares trade at 1.02 times book value, while Swiss stocks trade at 2.75 times book value, and overall European stocks trade at 1.85 book value.

Spanish stocks have a price-to-book ratio of 1.42, French stocks are at 1.53, Portuguese stocks at 1.58, German stocks 1.83, and UK stocks 1.96.

"(Italy's) price-to-book relatives to those of Continental European market are still 1-1/2 standard deviation below historical average levels," Credit Suisse analysts write in a note.

ADVERTISEMENT

Most Italian banking stocks trade at below book value, with Banco Popolare (Dusseldorf: B8Z.DU - news) at 0.39 times, Monte Paschi at 0.48 times, UBI Banca (Frankfurt: BPD.F - news) at 0.58 and Intesa Sanpaolo (Frankfurt: IES.F - news) at 0.79 times.

Price-to-book: European countries http://link.reuters.com/waw97v

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net