Why stocks from the USA are becoming increasingly important

That’s one way of looking at things. The other: At least when it comes to rating levels, the all-clear can be given. Because the high level is only average, there are certainly deviations upwards and downwards. Technology stocks are particularly expensive, and therefore primarily responsible for the current high average valuation – and especially the infamous Big Seven, i.e.: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Depending on the profit estimates, their P/E ratios for 2024 are sometimes beyond the 50 mark. On average, they have a P/E ratio of almost 40. Since they are also the highest weighted stocks in the S&P 500, it is clear that there is a certain unfairness here compared to all the other 493 companies. If you were to weight all the stocks listed in the index equally, you would get an index P/E ratio of around 15. That sounds much friendlier.