Daily Charts - US and European equity returns

Callum_Thomas
01-05

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"

$.SPX(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$

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2.Another one in the “not yet” basket, global vs US relative valuations went from cheap to cheaper.

As they say the trend is your friend until it bends, and this trend has not bent yet.

Be careful picking turning points:

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3.Sentiment is souring on Gold... $Gold - main 2502(GCmain)$

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4.The renewables bubble has been and gone, will the bull case get renewed?

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