European share market valuations

The French elections are now seemingly a done-deal, with a market friendly outcome most likely.  So it's worth checking in on European equities, as I did in my weekly report.  A key chart is that of forward PE ratios.  By itself European equities look neither attractive nor scary on an absolute valuation view as the PE ratio is tracking around its long-term average.

On the other hand, they are certainly cheaper, or at least not as expensive as US equities.  So with Europe's economy booming, and with an apparent reduction in political risk, Europe's share market could be due a period of catch up vs America.