U.S. Stocks Expensive Any Way You Cut It, Says Oxford Economics

Stocks in the U.S. are expensive on a range of valuation multiples and could come under pressure as geopolitical tensions escalate, according to Oxford Economics.

American shares are as much as 16% overvalued at present levels, and a short position on the S&P 500 Index looks increasingly favorable, said strategist Daniel Grosvenor. Low bond yields aren’t sufficient to sustain equity valuations after the surge in shares from the March lows, he added.