In a Chart of the Day from last month, as well as an update in Monday's Morning Lineup, we highlighted the strong performance of assets out of Chile.  As shown below, Chile's strength comes in the context of broader recent regional strength in Latin America. Since the 2024 US election, the Latin America ETF (ILF) now ranks as the second strongest region of the world behind Asian equities (AIA). ILF has rallied 23.87% through today, but was up over 30% at the high on December 4th.  Likewise, AIA has pulled back significantly since its high from the fall, including a lower low today.  As Asian and Latin American stocks have pulled back recently, European stocks (IEV) have held up relatively better. That includes a fresh high being hit yesterday.

For a closer look at country-level performance, below we show 25 country ETFs. For each one, we highlight their performance year-to-date, since the recent low for US stocks on 11/20, the distance from and date of 52-week highs, and trading ranges. Again, the best performing equities in the past couple of weeks, since US stocks put in a low on 11/20, have been in Europe.  Of those, Spain (EWP) has also been one of the best performers year to date with an over 70% gain.  There is only one country listed that has outperformed that: South Korea (EWY). EWY has rallied over 75% this year, with those strong returns coming thanks in no small part to the AI trade, including memory stocks like SK Hynix.  While South Korea has rallied massively year to date, it is also one of the countries furthest from 52-week highs (currently down 11.26%). Other Asian nations are also down more significantly from their respective 52-week highs, including China (MCHI), which, like South Korea, has fallen by double-digit percentages from its high. Given this, those same countries are now technically oversold, including some to extreme degrees.

Change happens fast in the market!

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