Global markets are continuing to lead the way higher, with the average global market experiencing only an -8.0% drawdown, while the average stock in the S&P 500 is in a drawdown of -19.6%.
Even during this most recent market correction, the average global market performed better than the average US stock. The average global market saw a maximum drawdown of -19.3%, while the average S&P 500 stock experienced a larger maximum drawdown of -27.1%.
And yesterday, we saw that some of the most important global markets are not even in a drawdown:
Germany (EWG) closed at fresh all-time highs.
UK (EWU) closed at 52-week highs.
Italy (EWI) closed at 52-week highs.
Belgium (EWK) closed at 52-week highs.
Poland (EPOL) closed at 52-week highs.
Greece (GREK) closed at 52-week highs.
Singapore (EWS) closed at 52-week highs.
Meanwhile, only one percent of stocks in the S&P 500 closed at 52-week highs.
This is just more confirmation of the leadership we're seeing from around the world.
The evidence is highly skewed in favor of the rest of the world right now… Do you think global markets will continue to outperform?
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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