Stock market performance does not always equate with economic growth. Academic research shows that economies with the highest growth often produce the lowest stock returns.
The point is particularly relevant to emerging markets. The MSCI Bric index is only marginally outperforming the G7 markets this year, despite the contrasting growth rates between Brazil, India and China and the developed economies. The Bric markets are up 5.9% year-to-date in dollar terms, while the MSCI G7 index has risen 4.
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