Every Wednesday, we publish our Global Macro Dashboard which provides a high-level summary of market and economic data of some of the world’s largest economies. Of the 23 stock markets tracked, just six including the US are positive year to date at the moment (in local currency). In the chart below we show the YTD performance of these six countries as well as the global median in 2020. As shown, even though it was actually the first to tip into the green YTD following the global sell-off in February and March very briefly back in early June, the US is up the least of this group with a YTD gain of 0.4%. China’s stock market is up the most at +14%. Taiwan, South Korea, South Africa, and Malaysia are also outperforming the US but are up more modestly than China with the best of these, Taiwan, gaining 4.53% this year. Meanwhile, the median country in our Global Macro Dashboard remains down 6.2% YTD.
Given it is up the most on a year to date basis, China has also gained the largest share of global equity market cap in 2020. As shown in the table below, China has gained 1.7 percentage points of global market cap in 2020 and now takes up 10.14%. China now joins the US as the only other country with a double-digit share of total world market cap. Despite this, China has actually lost share since the bear market lows on 3/23. Meanwhile, the US, Germany, Canada, India, South Korea, and Australia have all gained a significant share since 3/23. Start a two-week free trial to Bespoke Institutional to access our interactive economic indicators monitor and much more.