Bespoke Investment Group - Think BIG - Country Stock Market Performance Year to Date

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May282010

Country Stock Market Performance Year to Date

Friday, May 28, 2010 at 03:51PM

As North American markets close out the month of May, below we highlight the year to date performance of key countries across the globe. For each country, we provide its year-to-date performance in both local currency and US Dollars. If a country is down more in dollars than it is in its local currency, it means its local currency is down against the dollar year to date. European equity markets look much worse in terms of dollars given the weak performance of the Euro so far in 2010. Spain is down 21.06% in local currency year to date, but it's down 32.36% in dollar terms. It's been a tough, tough year already for Spain. Italy is down the second most in dollars of the countries highlighted at -28.22%. China, which pegs its currency to the dollar, is down 18.96% in yuans this year, which is the second worst when looking at local currency performance. Mexico and Malaysia are the only two countries that are up year to date in dollars. Sweden is the only country up in local currency. Finally, Germany is the fifth worst country year to date in dollars, yet it's the second best in local currency. Oh the Euro. Don't worry Germany, the US can certainly feel your pain.

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Reader Comments (3)

I do not understand how is posible that Spain, Italy, France and Germany have differents performance in $ terms when de currency is the same for all.
For example Germany is losing more than 14% in $ when Spain is losing only 12%

June 1, 2010 |

jmanza

Jmanza, the answer is simple : the performance in dollar terms is not equal to "Loss in Local Currency" + "loss of EUR/USD" but to :
(1+"Loss in Local Currency")*(1+"loss of EUR/USD")-1.
Example :
- performance of -10% in local currency
- loss of 10% of EUR/USD
-> means a total loss in USD of (1-0.1)*(1-0.1)-1 = 0.9*0.9-1 = -19%, not 10%+10%=20%.

It is the difference between computing geometrical results and arithmetical results.

Do you understand the difference now?

June 1, 2010 |

Laurent

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August 20, 2010 |

Marrilyn

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