Investing.com -- Worldwide stock markets now appear to be "expensive," with most sectors looking pricey apart from energy, according to analysts at UBS.
The global market gained 1.9% in August, the UBS researchers said in a note to clients dated on Monday, bringing their total year-to-date returns up to 17%. The real estate, health care and consumer staples sectors all posted solid gains last month, while energy was the worst performer, slipping by 1.8%.
"Market PE is high compared to history, suggesting that global markets are expensive," the UBS analysts said.
They added that this trend is "primarily due" to high valuations in the US, noting that "[m]ost sectors look expensive, with the exception of [e]nergy which is well under historical norms."