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  "documentTitle": "1Q24 GTM update 3.01.24 Jackson",
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  "notes": "J.P. Morgan Guide to the Markets slide 17.",
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      "text": "Intl. dev. relative valuation vs. the U.S. by sector",
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      "text": "Source: J.P. Morgan Asset Management. (Left) FactSet, MSCI Intl. dev.: MSCI EAFE Index, U.S.: S&P 500 Index. Chart shows the current percentage discount of the index or sector 12-month forward P/E ratio versus the equivalent S&P 500 sector, and the 25-year average. (Top right) Bernstein, Bloomberg. Buyback yields are the value of total stock buyback announcements over the previous 12 months as a percentage of regional index market cap. Europe = MSCI Europe Index, U.S. = S&P 500 Index, Japan = TOPIX Index. Past performance is not a reliable indicator of current and future results. (Bottom right) Bank of America Global Research, QUICK. Based on companies in the TOPIX Index with fiscal year ending in May. Share buybacks aggregated from April 1 to May 18 for each year. Guide to the Markets – U.S. Data are as of March 1, 2024.",
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