There is a huge range of performance among European bourses since the 2008-2009 crash. In the previous boom, all markets went up together, but these charts show that investors are now much more discriminating, and that there is a huge range of optimism among these countries. Here is a series of 5-year charts from Bloomberg (you can browse lots more charts here):
Greece:
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Iceland (I’ve never seen a stock index that looks like this – it’s more like the aftermath of a penny stock pump-and-dump):
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Ireland:
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Italy:
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Portugal:
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France:
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Luxembourg:
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Switzerland I’m surprised that this is not higher, since the economy here is strong, but the Swiss are very conservative and becoming more so, preferring cash and gold to stocks):
Denmark:
Germany (DAX):
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United Kingdom (FTSE 100):
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The FTSE and DAX typically trade like the S&P500, shown below for reference:
These higher-quality markets are now very expensive and technically weak, and if they enter into another bear market the lower-quality markets should follow, quickly breaking their 2009 lows. Bottom feeding value investors may then be able to find a few odds and ends in the rubble.