The chart below compares some of the bourses around the world since the most recent major market bottom (March 2009).
- Singapore Strait Times Index
- Dow Industrial Average (thanks to Helicopter Ben's money printing)
- German DAX
- Hong Kong Hang Seng Index (finally following Shanghai?)
Not-so-winners and losers:
- Tokyo's Nikkei
- Shanghai Composite
- Madrid (although it does show some sign of bottoming)
Who could have known, Shanghai is now lower than in March 2009? For sure, it had bottomed in November 2008 at a much lower level. Still, if the world is still counting on China to lead the way out of the funk in the real economy (not the stock markets), it may be mistaken.