Asian markets turned up winners in May despite China downgrade, followed by European stocks and Frontier stocks while LATAM markets shaken by Brazil conspiracy lagged.
Oil priced managed to stay neutral in May but its 9% drop YTD shows that oil price is under pressure anyway ; despite OPEC action. As new tech and new supply from the US manage investor's negative expectations.
World has been a bit quieter in May yielding to diplomacy. Key events occurred in Beijing on heavily attended New Silk Roads forum, at G7 meeting in Sicily and on Russian Economic Forum in St. Petersburg which really could be renamed to Petro-Grad Economic Forum given Russia's dependence on petro dollars these days which is best manifested in its equity market, down just as much as Brent, and showing the worst result among our universe of 56 markets.
Equity moves this year are highlighting the alternative history course and the rise of old new empires.
Kazakhstan (once a part of Sogdiana - biggest leg of the old Silk Road) one of the strongests markets this year, highlighting the return of the Silk Roads. Kazakhstan is the country which benefits the most from the New Belt.
Europe is another most interesting destination for equities, showing strange rise of countries of former Austro Hungarian Empire that are the leaders in European markets. Poland and Hungary the ultimate gates to Europe from the Silk Roads are locomotives for European stocks
Turkey which has the keys to Europe from Asia is yet another former new empire and one of the most interesting destinations this year.
Argentina remains the best market so far, and a case which proves that you need small improvement in risk to get 3x fold move in equities. Or perhaps it is benefitting from Brexit in some hidden way.
Brexit itself is the course reviving British Empire case.
Along this line of arguments- follows that disglobalisation can be just a mirage.. The globalization is still on but in a transition to globalism the countries are rebuilding in new format historic economic ties natural to their.
Some empires are back - while Russia is in the decay measured by its stock performance this year.
One overlooked market this year is Mongolia. It has been the strongest performing debt market this year. The Golden Horde equities might just follow.
Gold - the currency for trading between empires (not bitcoins or dollars) is another winner this year highlighting the trend.
Best last month among various countries' equity markets were ZIMBABWE +23.18%, NIGERIA +16.60%, KENYA +14.67%, GREECE +13.02%, ROMANIA +9.78%, HUNGARY +8.84%, KOREA +8.04%, AUSTRIA +7.77%, EGYPT +7.43%, FINLAND +6.84%,
While worst last month among various countries' equity markets were RUSSIA -6.43%, BRAZIL -5.20%, TRINIDAD AND TOBAGO -4.50%, OMAN -2.81%, TUNISIA -2.42%, QATAR -2.01%, QATAR DOMESTIC -1.24%, GHANA -0.98%, BAHRAIN -0.80%, VIETNAM -0.75%,
Best YTD among various country equities were ARGENTINA +46.48%, JAMAICA +31.70%, ROMANIA +31.33%, POLAND +31.26%, AUSTRIA +28.38%, KOREA +27.31%, KAZAKHSTAN +27.11%, SPAIN +24.57%, TURKEY +24.45%, CHINA +21.81%,
While worst YTD among various country equities were OMAN -12.71%, RUSSIA -10.99%, LEBANON -6.26%, TRINIDAD AND TOBAGO -4.91%, QATAR -4.65%, TUNISIA -3.96%, QATAR DOMESTIC -3.89%, SAUDI ARABIA DOMESTIC -3.57%, UNITED ARAB EMIRATES -0.86%, CANADA -0.72%,
