One of the most objective measures for judging whether the stock market is expensive or cheap is the dividend yield. At the moment, the main global stock markets offer real returns which are superior to those of long-term sovereign bonds. For example, 34 of the 40 biggest French firms, those which make up the CAC40, have increased dividends over the last year.
The fact dividends in the Pharmas and Food & Beverages sectors are increasing and are well covered for the next three years is not up for discussion. In such a way that their high yield actually reflects a buy at low share price levels (buy-in-the-dip opportunity) in those big, safe sectors.