Performance 2015: Global Stock Markets Yardeni Research, Inc.

December 31, 2015

Dr. Edward Yardeni 516-972-7683 [email protected]

Mali Quintana 480-664-1333 [email protected]

Please visit our sites at www.yardeni.com blog.yardeni.com

thinking outside the box

Table Of Contents

Table Of Contents

Performance 2015: Europe Performance 2015: Emerging Markets Performance 2015: Misc

December 31, 2015 / Performance 2015: Global Stock Markets

6-7 8-11 12-13

Yardeni Research, Inc. www.yardeni.com

Figure 1. 25 20

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

20

All Country (-4.3) Emerging Markets (-17.0) EMU (-3.3) Japan (7.8) US (-0.8) UK (-11.0)

15 10

25

15 10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International and Standard & Poor’s Corporation.

Figure 2. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/30/15

(percent change ytd in local currencies)

30

All Country (-0.7) Emerging Markets (-8.0) EMU (8.3) Japan (8.1) UK (-5.9) US (-0.8)

25 20

35

25 20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

yardeni.com Jan

-15 Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015 Source: Morgan Stanley Capital International and Standard & Poor’s Corporation.

Page 3 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Figure 3. 25

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

25

(percent change ytd in US dollars) 20

20

EMU (-3.3) Europe (-5.3) UK (-11.0)

15

15

10

10

5

5

0

0

-5

-5

-10

-10 yardeni.com

-15 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-15

Dec

2015 Source: Morgan Stanley Capital International and Standard & Poor’s Corporation.

Figure 4. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

25

30 25

EMU (7.7) Europe (2.2) UK (-5.9)

20

35

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10 yardeni.com

-15 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-15

Dec

2015 Source: Morgan Stanley Capital International and Standard & Poor’s Corporation.

Page 4 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Figure 5. 35

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

35

30

(percent change ytd in US dollars)

30

25

All Country World (-4.3) Emerging Markets (-17.0) Emerging Markets: Asia (-11.8) Emerging Markets: Latin America (-32.9)

25

20 15 10

20 15 10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20

-25

-25

-30 -35

-30 yardeni.com Jan

-35 Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015 Source: Morgan Stanley Capital International.

Figure 6. 25

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

25

(percent change ytd in local currencies) 20

20

All Country World (-0.7) Emerging Markets (-8.0) Emerging Markets: Asia (-7.9) Emerging Markets: Latin America (-11.3)

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

yardeni.com Jan

-15 Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015 Source: Morgan Stanley Capital International.

Page 5 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Europe Figure 7. 15

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

15

(percent change ytd in US dollars) 10

10

5

5

0

0

-5

-5

France (-2.2) Germany (-3.7) Sweden (-7.1) Switzerland (-1.8) United Kingdom (-11.0)

-10

-10

yardeni.com

-15 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-15

Dec

2015 Source: Morgan Stanley Capital International.

Figure 8. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

35 30

25

25

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

France (8.9) Germany (7.2) Sweden (0.0) Switzerland (-1.1) United Kingdom (-5.9)

-20 -25 -30

-20 -25 -30 yardeni.com

-35 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-35

Dec

2015 Source: Morgan Stanley Capital International.

Page 6 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Europe Figure 9. 40 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

30

Greece (-62.1) Ireland (15.1) Italy (0.3) Spain (-16.7)

20 10

40

20 10 0

0 -10

-10

-20

-20

-30

-30

-40

-40

-50

-50

-60

-60 yardeni.com

-70 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-70

Dec

2015 Source: Morgan Stanley Capital International

Figure 10. 40 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

40 30

20

20

10

10

0

0

-10

-10

-20

-20

-30

-30

-40

-40

Greece (-57.8) Ireland (28.2) Italy (11.7) Spain (-7.2)

-50 -60

-50 -60 yardeni.com

-70 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-70

Dec

2015 Source: Morgan Stanley Capital International.

Page 7 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Emerging Markets Figure 11. 55 50 45

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

55 50 45

40

40

35

35

30

30

25

25

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20

Brazil (-43.4) China (-10.0) India (-7.4) Russia (0.0)

-25 -30 -35

-25 -30 -35

-40

yardeni.com

-45 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-40 -45

Dec

2015 Source: Morgan Stanley Capital International.

Figure 12. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

35 30

25

25

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

Brazil (-15.8) China (-10.1) India (-3.0) Russia (17.0)

-15 -20

-15 -20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Page 8 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Emerging Markets Figure 13. 55 50 45

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

35 30 25

50 45

Argentina (-1.2) Brazil (-43.4) Chile (-18.9) Mexico (-16.0)

40

55

40 35 30 25

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20

-25

-25

-30

-30

-35

-35

-40

yardeni.com

-45 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-40 -45

Dec

2015 Source: Morgan Stanley Capital International.

Figure 14. 55 50

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

55 50

45

45

40

40

Argentina (-1.2) Brazil (-15.8) Chile (-5.3) Mexico (-1.5)

35 30 25

35 30 25

20

20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Page 9 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Emerging Markets Figure 15. 35

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

35

30

(percent change ytd in US dollars)

30

25

Indonesia (-21.0) Malaysia (-22.4) Pakistan (-18.3) Philippines (-8.1)

25

20 15

20 15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20

-25

-25

-30

-30 yardeni.com

-35 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-35

Dec

2015 Source: Morgan Stanley Capital International.

Figure 16. 25 20

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

20

Indonesia (-12.0) Malaysia (-4.7) Pakistan (-14.8) Philippines (-3.3)

15 10

25

15 10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Page 10 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Emerging Markets Figure 17. 25 20

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

20

Singapore (-20.8) South Korea (-7.9) Taiwan (-14.4)

15

25

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Figure 18. 25 20

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

20

Singapore (-15.4) South Korea (-1.8) Taiwan (-11.0)

15

25

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Page 11 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Misc Figure 19. 25 20

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

25 20

15

15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

Canada (-25.8) Australia (-14.1) South Africa (-27.2)

-20 -25

-20 -25

-30

-30

-35

-35

-40

-40 yardeni.com

-45 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-45

Dec

2015 Source: Morgan Stanley Capital International.

Figure 20. 25

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

25

(percent change ytd in local currencies) 20

20

Australia (-3.3) Canada (-11.1) South Africa (-2.6)

15

15

10

10

5

5

0

0

-5

-5

-10

-10 yardeni.com

-15 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-15

Dec

2015 Source: Morgan Stanley Capital International.

Page 12 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Performance 2015: Misc Figure 21. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in US dollars)

25

30 25

China (-10.0) Japan (7.8) South Korea (-7.9) Taiwan (-14.4)

20 15

35

20 15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Figure 22. 35 30

MSCI SHARE PRICE INDEXES

Latest data thru: 12/31/15

(percent change ytd in local currencies)

25

30 25

China (-10.1) Japan (8.1) South Korea (-1.8) Taiwan (-11.0)

20 15

35

20 15

10

10

5

5

0

0

-5

-5

-10

-10

-15

-15

-20

-20 yardeni.com

-25 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

-25

Dec

2015 Source: Morgan Stanley Capital International.

Page 13 / December 31, 2015 / Performance 2015: Global Stock Markets

Yardeni Research, Inc. www.yardeni.com

Copyright (c) Yardeni Research, Inc. 2015. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on http://blog.yardeni.com www.yardeni.com, blog.yardeni.com, and YRI’s Apps for iPads and iPhones are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company’s stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed on any Yardeni Research, Inc. product, service, report, email or website are proprietary to Yardeni Research, Inc. and constitute valuable intellectual property. No material from any part of www.yardeni.com, http://blog.yardeni.com blog.yardeni.com, and YRI’s Apps for iPads and iPhones may be downloaded, transmitted, broadcast, transferred, assigned, reproduced or in any other way used or otherwise disseminated in any form to any person or entity, without the explicit written consent of Yardeni Research, Inc. All unauthorized reproduction or other use of material from Yardeni Research, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Yardeni Research, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Yardeni Research, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights. The recipient should check any email and any attachments for the presence of viruses. Yardeni Research, Inc. accepts no liability for any damage caused by any virus transmitted by this company’s emails, website, blog and Apps. Additional information available on request. [email protected]