As we noted last night, yesterday’s rally was strong across each of the different industry groups. That also holds true across various geographies. The table below shows the performance of the ETFs tracking the various countries in our Global Macro Dashboard. Like the US, many global equity markets have fallen dramatically over the past couple of months but have seen sizable rallies averaging a gain of 16.27% more recently. Australia (EWZ), Canada (EWC), and Norway (ENOR) have risen the most since the US’s 3/23 bottom, each rising over 25%. That is after a strong session yesterday where some of the top performers were those that had fallen the most from 2/19 through 3/23 like South Africa (EZA), Australia (EWA), and Brazil (EWZ). As for EWZ, it had fallen the most significantly from 2/19 through 3/23 (over 50%) which still leaves it down the most YTD and since 2/19 even after its 12.68% rally since 3/23. On the other hand, another one of the worst performers during the initial sell-off, Mexico (EWW), has seen the smallest rally since 3/23 only rising 7.76%. Despite the smaller rally, it is still down less since 2/19 and YTD than Brazil.