Australian Stocks, Boosted by Miners, Become Expensive: Chart

One effect of higher commodity prices this year: the Australian stock market has become more expensive. Most of that increase has been driven by miners, the best-performing group on the S&P/ASX 200. Its price-to-earnings ratio rose to the highest in at least 10 years last week. Tim Baker, of Deutsche Bank AG, says the gauge is 10 percent pricier than its historic average.

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