Canada’s S&P/TSX sat out last week’s market rally to post a small week-over-week decline of 12bps. Germany’s DAX, France’s CAC40, and Japan’s Nikkei 225 continue to be in the black with pretty decent YTD numbers.
Each of the indices I track ended squarely in the red last week as negative news reports – corporate and economic – and large currency moves sent investors fleeing stocks.
The Chinese Yuan devaluation, disappointing Chinese manufacturing numbers, and poor earnings coupled with reduced forecasts from American blue chips Deere and HP were among the negative news bites which sent investors bailing out of stocks and seeking safety in treasuries.
On a more positive note, Germany’s DAX, France’s CAC 40 and Japan’s Nikkei 225 are still up 3.25%, 8.38%, and 11.38% respectively since the beginning of the year despite this week’s market carnage.
A review of how some of the major stock market indices did over the past week: