S&P 500 Will Break 3,000 say Fund Managers

The dependence of global equities' performance on the U.S. has been understandable: profits have been booming in the U.S. but have been harder to come by elsewhere

Peter Gee 23 November, 2018 | 7:25AM

Wall Street US valuations stock market USA america

World shares have struggled to regain the ground lost since the sharp sell-off in October. At its current level, the MSCI World index of developed markets in U.S. dollars is still 7.8% below its recent peak on 27 September, and is 9.8% below its all-time high back on 26 January.

The overall global outcome has continued to depend disproportionately on the U.S. market; US stock markets having seen gains for the year wiped out this week after poor results from retailers and fears over slowing smartphone sales. Japanese shares have been the least bad, with a 2.2% fall in the Nikkei index, but European shares have been weak, with the FTSEurofirst 300 index down 6.9%. German shares have been among the weaker of the major European markets, with the DAX index down 12.3%.

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Peter Gee  is a Fund Analyst for Morningstar Australia

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