Market Briefing: MSCI Stock Market Indexes

Market Briefing: MSCI Stock Market Indexes February 1, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents MSCI Stock Markets 1-4 5-28 February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

MSCI Stock Markets 65 6 55 Figure 1. ALL COUNTRY WORLD MSCI STOCK PRICE INDEX (US$, ratio scale) 65 6 55 5 5 45 45 4 4 35 35 3 3 25 25 2 2 15 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2-day moving average. 15 4 Figure 2. ALL COUNTRY WORLD EX US MSCI STOCK PRICE INDEX 4 35 3 3 25 2 2 15 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 Page 1 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

MSCI Stock Markets 28 25 22 Figure 3. UNITED STATES MSCI STOCK PRICE INDEX (US$, ratio scale) 28 25 22 19 19 16 16 13 13 1 1 7 7 4 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2-day moving average. 4 65 6 Figure 4. DEVELOPED WORLD EX US MSCI STOCK PRICE INDEX 575 525 55 5 45 475 425 4 375 35 325 3 275 25 2 225 15 175 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 125 Page 2 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

26 Figure 5. EAFE MSCI STOCK PRICE INDEX MSCI Stock Markets 15 23 2 17 1 14 11 8 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 31 29 Figure 6. EMU MSCI STOCK PRICE INDEX 3 27 25 D NIRP QE QEE 25 23 21 19 17 2 15 15 13 11 1 9 7 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Note: D = On July 26, 212, ECB President Mario Draghi pledged to do "whatever it takes" to defend the euro. NIRP = negative interest-rate policy. QEE = expansion and extension of QE. 5 Page 3 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

MSCI Stock Markets 16 Figure 7. EMERGING MARKETS MSCI STOCK PRICE INDEXES 7 14 6 12 5 1 4 8 3 6 2 4 1 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 55 Figure 8. BRIC MSCI STOCK PRICE INDEX 8 45 6 35 4 25 2 15 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 4 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

12 Figure 9. AUSTRALIA MSCI INDEX 15 14 1 13 12 11 8 1 9 6 8 7 6 4 5 4 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 4 Figure 1. AUSTRIA MSCI INDEX 15 3 1 2 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 5 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

3 Figure 11. BELGIUM MSCI INDEX 15 13 2 11 9 1 7 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 5 Figure 12. BRAZIL MSCI INDEX 3 4 2 3 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 6 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

25 Figure 13. CANADA MSCI INDEX 25 23 23 21 21 19 19 17 17 15 15 13 13 11 11 9 9 7 7 5 5 3 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 7 Figure 14. CHILE MSCI INDEX 3 6 5 2 4 3 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 7 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

12 Figure 15. CHINA MSCI STOCK PRICE INDEX 12 1 1 8 8 6 6 4 4 2 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 4 Figure 16. COLOMBIA MSCI INDEX 15 3 1 2 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 8 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

1 Figure 17. CZECH REPUBLIC MSCI INDEX 6 8 5 6 4 3 4 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 15 Figure 18. DENMARK MSCI INDEX 1 8 1 6 4 5 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 9 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

15 Figure 19. EGYPT MSCI INDEX 35 3 1 25 2 5 15 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 15 Figure 2. FINLAND MSCI INDEX 25 2 1 15 5 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 1 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

31 29 27 Figure 21. EMU MSCI INDEX (ratio scale) 31 29 27 25 23 D NIRP QE QEE 25 23 21 21 19 19 17 17 15 15 13 US$ 13 Euro 11 11 9 9 7 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Note: D = On July 26, 212, ECB President Mario Draghi pledged to do "whatever it takes" to defend the euro. NIRP = negative interest-rate policy. QEE = expansion and extension of QE. 7 25 Figure 22. FRANCE MSCI INDEX 25 2 2 15 15 1 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 Page 11 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

3 Figure 23. GERMANY MSCI INDEX 12 275 25 1 225 2 8 175 15 6 125 1 4 75 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2 15 Figure 24. GREECE MSCI INDEX 3 1 2 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 12 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

14 Figure 25. HONG KONG MSCI INDEX 19 12 17 15 1 13 8 11 6 9 7 4 5 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 3 15 Figure 26. HUNGARY MSCI INDEX 25 2 1 15 1 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 13 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

8 Figure 27. INDIA MSCI INDEX 15 6 1 4 5 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 12 Figure 28. INDONESIA MSCI INDEX 8 1 6 8 6 4 4 2 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 14 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

7 Figure 29. IRELAND MSCI INDEX 6 6 5 5 4 4 3 3 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 4 Figure 3. ISRAEL MSCI INDEX 4 35 3 3 25 2 2 15 1 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 15 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

8 Figure 31. ITALY MSCI INDEX 2 6 15 4 1 2 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 4 38 36 34 Figure 32. JAPAN MSCI STOCK PRICE INDEX A QQE QQEE NIRP 12 32 1 3 28 26 24 8 22 2 YC 18 6 16 14 12 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Note: A = Markets start to anticipate Abenomics. QQE is Quantitative and Qualitative Easing. QQEE is the expanded and extended version of QQE. NIRP = negative interest rates. YC = Yield curve targeting. 4 Page 16 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

4 Figure 33. JORDAN MSCI INDEX 8 35 3 6 25 2 4 15 2 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 6 Figure 34. KOREA MSCI INDEX 8 5 4 6 3 4 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 17 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

6 Figure 35. MALAYSIA MSCI INDEX 7 5 6 4 5 4 3 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 Figure 36. MEXICO MSCI INDEX 8 4 6 3 4 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 18 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

8 Figure 37. MORROCO MSCI INDEX 6 7 5 6 5 4 4 3 3 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 4 Figure 38. NETHERLANDS MSCI INDEX 2 3 15 2 1 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 19 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

18 Figure 39. NEW ZEALAND MSCI INDEX 15 16 14 125 12 1 1 8 75 6 4 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 5 Figure 4. NORWAY MSCI INDEX 4 4 3 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 2 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

25 Figure 41. PAKISTAN MSCI INDEX 7 2 6 5 15 4 1 3 2 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 4 Figure 42. PERU MSCI INDEX 2 3 15 2 1 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 21 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

8 Figure 43. PHILIPPINES MSCI INDEX 2 6 15 4 1 2 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2 Figure 44. POLAND MSCI INDEX 3 15 25 1 2 15 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 Page 22 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

25 Figure 45. PORTUGAL MSCI INDEX 3 2 25 15 2 1 15 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 5 2 Figure 46. RUSSIA MSCI INDEX 2 15 15 1 1 5 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 23 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

7 Figure 47. SINGAPORE MSCI INDEX 5 6 5 4 4 3 3 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 7 Figure 48. SOUTH AFRICA MSCI INDEX 2 6 5 15 4 1 3 5 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 24 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

1 Figure 49. SPAIN MSCI INDEX 15 8 1 6 4 5 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 4 Figure 5. SRI LANKA MSCI INDEX 1 3 8 6 2 4 1 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 25 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

1 Figure 51. SWEDEN MSCI INDEX 15 8 1 6 4 5 2 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 6 Figure 52. SWITZERLAND MSCI INDEX 15 5 4 1 3 2 5 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 26 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

5 Figure 53. TAIWAN MSCI INDEX 5 4 4 3 3 2 2 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 1 7 Figure 54. THAILAND MSCI INDEX 7 6 6 5 5 4 4 3 3 2 2 1 1 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 Page 27 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

8 Figure 55. TURKEY MSCI INDEX 2 6 15 4 1 2 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 2 15 Figure 56. UNITED KINGDOM MSCI INDEX Brexit 24 22 2 18 16 1 14 12 1 5 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 218 219 8 Page 28 / February 1, 218 / Market Briefing: MSCI Stock Market Indexes www.

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