Rough week for equity markets:
- UK FTSE 100 -1.0%
- German DAX -0.9%
- French CAC -0.4%
- Spain IBEX +0.2%
- Italy MIB -0.7%
On the week:
- UK FTSE 100 -0.3%
- German DAX -2.3%
- French CAC --1.8
- Spain IBEX -0.9%
- Italy MIB -1.3%
The good news is that European equities finished off the lows and now US stocks are beginning to run to the upside. Here's a look at the daily DAX and it shows how we broke the summer lows earlier today before closing back above them.
You could make an argument for global divergence though. Germany is exposed to high energy prices on the manufacturing side, perhaps more than anywhere else.
