Year-to-date, the Europe 600 and US 500 indices have delivered comparable performance. After trailing its European counterpart by nearly 10% at the end of Q1, the US index has regained significant ground as Trump’s trade deals have taken shape and the Magnificent 7 has continued to set new highs. Consequently, both indices have closely aligned, mirroring gains of 8% to 11% observed in key Asian markets such as the CSI 300 and Nikkei 225.
Among notable standouts, Germany’s DAX surged 21% thanks to a €500Bn stimulus package set to span the next 12 years, boosting defence, industrials, chemicals, and construction sectors. Poland’s WIG20 soared 34%, supported by strong domestic growth and its role as a gateway for European stimulus. In Asia, Hong Kong’s HSI gained 28%, while India’s NIFTY lagged, rising just 3.5%.
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