Worth noting that a similar, albeit smaller, divergence was evident in early 2016, and it got resolved away. Now we get to see whether this one can. Even though ECB QE still continues, the repatriation of US corp. money in 2018 seems to be sucking liquidity out of overseas banks.
https://twitter.com/McClellanOsc/status/1009231850903035905
https://twitter.com/MehulD108/status/1009044471965679616
The Message of Q: Overvaluation pic.twitter.com/SUNuPBdh3b
— Alastair (@StockBoardAsset) June 20, 2018