Global stock markets saw a 2.7% increase in the second quarter, making stocks more expensive. The US market is now the most expensive, with a price/fair value ratio of 1.03, while Europe remains undervalued at 0.94.

Italy and Spain are the most expensive markets in Europe, with Italy overvalued by 5%. Taiwan is now the most undervalued market in the world, trading at a 23% discount. The financial sector is the most expensive in Europe and the US, while healthcare is undervalued in both regions.

Taiwan has overtaken China as the world’s cheapest market, with a price/fair value ratio of 0.64. China’s market has recovered, reducing its undervaluation to 15%. Denmark is undervalued by 5%, with Novo Nordisk stock accounting for 46% of the Morningstar Denmark index.

Read more at Morningstar: What Was the Most Expensive Stock Market in Q2?