Update On Global Stock Market Performances

Bespoke has a nice update on the performances of global stock markets as of June 9th...

Bespoke Invest notes,

``While most of the world is struggling, there are 8 countries that are within 1.7% of 52-week highs. Sri Lanka, Chile, Bangladesh, and Venezuela are all basically at 52-week highs. Of the G-7 countries, Germany and Canada are closest to their 52-week highs at about -6%. The US ranks third out of seven at -12.74%, followed by Britain (-13.41%), France (-16.41%), Japan (-17.26%), and Italy (-23.63%). It's not surprising to see Greece the farthest from its 52-week high at -50.15%. Other key countries that are more than 20% away from their 52-week highs include Russia, China, and Spain.

``In terms of year to date performance (local currency), Bangladesh ranks first at +36.59%, followed by Estonia (32.86%) and Sri Lanka (31.87%). Of the G-7, Germany is doing the best with a decline of just -0.05%, followed by Canada at -1.74% and the US at -4.49%. Of the BRIC (Brazil, Russia, India, China) countries, India is holding up the best so far in 2010 with a decline of 4.62%. Brazil ranks second at -6.67%, followed by Russia at -7.54% and then China at -21.15%. Greece (-33.44%), Bermuda (-28.33%), and Spain (-26.55%) are down the most of any countries year to date."

I'd like to point out that the Philippines has been ranked 8th based on the change from a 52-week high. And that major ASEAN economies appear to defy the global selling pressures by posting year-to-date gains and seem within 'striking' distance from the 52-week highs.

I'd also like point out that Venezuela which suffers from stagflation is nearly at the 52-week high (who says stocks are about the economy?).

Meanwhile the top performers on a year to date basis have mainly been frontier markets whose subset are South Asia, Africa, and some CEE economies.

Of course one surprise is Denmark, the only major "developed" economy, who seem to have diverged from the fate suffered by her contemporaries. The Danish equity index is up 16.41% (y-t-d) and is just 6% away from the 52 week high. Denmark appears unruffled by the recent most Euro pressures.

Overall, although the general backdrop is one of "tidal" flows, there are apparent emerging incidences of "decoupling" especially visible among emerging markets.