the FTSE 100 was higher in janaury 1998 than it closed today , startling fact
So it fell back from its 1999 high to the depths of the asian financial crisis of 1998, the first 20 years of the 21st century did not happen as regards the ftse (dividends excluded of course). European markets in general were not expensive before this panic, now they are much cheaper. Add to that , a lot of the ftse 100 companies are global multinationals.