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Great Graphic: European Equities Lead Move


European equities peaked earlier and have fallen the furthest.

MSCI EM equities faring the best, and as of now, they are still up on the year.

MSCI Asia Pacific fell 3.4% today and is now down 0.33% for the year.

This Great Graphic was composed on Bloomberg. It shows four stock indices’ performance since the start of the year.  It is indexed so that each index started the year at 100.

The yellow line is the Dow Jones Stoxx 600, a benchmark of European shares. It peaked a few days before the other markets and has fallen the furthest.

The fuchsia line is the MSCI Emerging Market equity index. It peaked the same day as the S&P 500 (white line), but has held up the best and is still up 1.2% year-to-date. The green line is the MSCI Asia Pacific Index. Today’s 3.4% decline puts it about 0.3% lower year-to-date.

Of course, the chart is incomplete, insofar as today’s action is not complete. The S&P has been choppy, and is currently about 0.4% lower. Latin American markets may take a toll on the MSCI EM equity index. European markets are off their lows, but are also struggling to maintain any meaning upside momentum. US leadership may be awaited.

SPX Index, Dec 2017 - Feb 2018

SPX Index, Dec 2017 - Feb 2018

- Click to enlarge


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Marc Chandler
He has been covering the global capital markets in one fashion or another for more than 30 years, working at economic consulting firms and global investment banks. After 14 years as the global head of currency strategy for Brown Brothers Harriman, Chandler joined Bannockburn Global Forex, as a managing partner and chief markets strategist as of October 1, 2018.
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