The S&P 500 (SPY) had a solid session Wednesday with a 1% gain, but that still leaves it down 1.87% week-to-date. Meanwhile, across the pond in Europe, German equities are surging.  Germany has unrolled significant fiscal changes this week which we discussed at length in last night's Closer in addition to a more succinct explanation in today's Morning Lineup.

To put it lightly, investors appear to love the news. The MSCI Germany ETF (EWG) has surged this week with a 6.8% gain week-to-date. As shown below, that is a historically large 3-day run for the ETF/country. In fact, it is the largest three-day gain since November 2022 and ranks just shy of the 99th percentile across all three-day moves in the ETF's history.  Relative to what has transpired in the US, things get even more historic. The three-day performance of EWG has outpaced SPY by 8.69 percentage points. Going back through the nearly 30 years of price history, only two periods saw wider performance spreads: around the COVID Crash lows five years ago and at the start of 1999.
 

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