European stocks are offering the biggest discount on record relative to U.S. peers, according to one metric.

Members of the Stoxx Europe 600 Index are trading at 1.8 times the value of their assets, almost half that of S&P 500 Index constituents, the largest gap since Bloomberg started tracking the data in 2002.

World-beating gains in U.S. equities since the bull market kicked off in 2009 has widened the distance between the two, while recent volatility has also rendered its derivatives the most expensive relative to Europe since August 2015's China deval collapse...

However, it appears Europe's macro surprise data is rolling over and catching down to US macro surprise data...

And perhaps worse still, EUR/USD is rolling over (just as it did in 2013), ready to catch down to its rates-implied level, crushing USD-relative returns...

But of course, it's what happens next here that really matters...

Yellen and Draghi next week in Jackson Hole may hint at whether this is the end of the beginning or the beginning of the end.