A Bottom-Up Look At The Bear Case On Iran, US Valuations From Two Perspectives

The big things you need to know:

1. First, we review the results of a survey we conducted of RBC’s equity analysts on the conflict in Iran, which helps explain the resilience we’ve seen in the S&P 500.
2. Second, the valuation and sentiment barometers we’re tracking point to room for further downside in the S&P 500 in the near-term in absolute terms, while our work on US valuations vs. other global developed markets highlights why the US equity market has been embraced as a safe haven, helping outperformance versus global peers to re-ignite.