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Thursday, March 28, 2024

Weekend Review: World Markets Fall Further

Courtesy of Doug Short

Most of the major world markets in this series lost ground over the past week, with the S&P 500 suffering the largest decline. The Shanghai Composite managed to eke out a fractional gain, which was a welcome change from its 5.2% free-fall the previous week. The BSE SENSEX also finished fractionally in the green — something that’s happened only twice during the past six weeks.

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day and measuring the percent change, we get a better sense of the relative performance than if we align the lows.

A Longer Look Back

Here is the same chart starting from the turn of 21st century. The relative over-performance of the emerging markets (Shanghai, Mumbai, Hang Seng) is readily apparent.


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