Chart of the Week: Ratio of Emerging Markets to Europe/Asia

Mike Panzner observes that after nearly two years of outperformance, the MSCI Emerging markets index has broken a key uptrend relative to MSCI EAFE. Is the shift away
from emerging markets and into more mature economies reflective of where growth
is heading, or does it reveal a loss of risk appetite? We suspect the
latter. (Forbes disagrees).


Ratio of Emerging Markets to Europe/Asia

Source: Mike Panzner

Note: EAFE stands for
"Europe, Australia, Far East," and the MSCI EAFE iShares ETF is based on
EAFE Index. It covers stocks from much of the globe, with the fund holding
nearly 800 non-U.S. securities.


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