For the first time, a Chinese company – oil and gas producer PetroChina – has taken top spot in the annual FT 500 ranking of the world's most valuable listed companies. But further down the list, the roughly 60 per cent increase in the median value of the top 500 companies – to $30bn – represents a one-fifth outperformance over the MSCI world index. Over the past six years the median value has mainly moved in line with the global index.

Hedge fund GLG notes that during 2009, the price-to-earnings multiple of European mega-cap companies fell to its lowest level compared with mid-caps in at least 15 years and is poised for recovery. Factor in analysts' expectations of merger and acquisition activity this year and it is no surprise that investors have increased faith in the world's bluest of blue-chip companies.