The U.K. stock market trades at a record 40% discount to the U.S., a cheap rating that is hastening flight from the City of London, according to Citi.
Based on forward price earnings multiples the materials, food and beverage, and energy sectors trade at the biggest discount to their U.S. peers, said the banks’ European equity strategy team, led by by Beata M Manthey.Based on forward price earnings multiples the materials, food and beverage, and energy sectors trade at the biggest discount to their U.S. peers, said the banks’ European equity strategy team, led by by Beata M Manthey.
Last week, building materials giant CRH CRH said it would switch its primary listing from London to New York, while Softbank 9984 said it will also shun the U.K. market and float its chip-designer ARM on Wall Street.
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