Daily Charts - uropean equities used to be good — more or less as good as US stocks
1.Something Happened in 2009
European equities used to be good — more or less as good as US stocks.
But something(s) changed in 2009.
One issue was that Europe had to deal with the hangover from the credit boom, with rolling sovereign debt crises and structurally lower growth as it digested malinvestment and deleveraging.
The USA on the other hand saw years of easy policy + struck "tech stock oil"
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2.It's the season for bonds...
(but do you believe it?)
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3.Bonus Chart: China Basing…
The above talks about EM ex-China ---but what about China?
I would say do not count them out either. The MSCI China Index is undergoing its own basing and breakout process (looks to be either/both a double bottom or rounding bottom pattern in progress here).
And as for the setup in Chinese stocks, there’s improving technicals, cheap valuations, widespread pessimism, basing macro, and monetary stimulus.
So what that all adds up to is basically: bullish emerging market equities in general.
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