The German DAX is not only the leading stock market index of Europe but it also represents most often global markets. The DAX rose to all-time highs this week, and that tells something about the strength of global stock markets.
Almost half a year ago we noticed that Global Stock Markets Are Outperforming U.S. Stock Markets In 2017. That trend has continued since then, and it is clear to us that all-time highs in the DAX are a confirmation of that trend.
Take for instance emerging markets and Latin markets. They are in great shape, and even if our anticipated stock market correction will occur (that is of course a big IF) there should be a faster recovery of emerging and Latin markets. This is why:
In our current view non-U.S. stock markets are more attractive. That includes European markets (with the DAX as a leading indicator), emerging markets, Latin markets, China. For now, we put more confidence in those markets at least when it comes to stocks as an asset class.
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