European Markets Stage Comeback
While the S&P 500 remains down 18% from its all-time highs, we’ve seen some positive developments in major European markets over the last few months. As shown below, investors in Germany have recently seen the DAX enter a new bull market with a 23.7% gain off the recent lows. In local currency, the DAX is now just 8.9% below its 1/5/22 high.
In France, the CAC 40 has also entered a new bull market with a 21.9% gain off the lows, leaving the index just 6.2% below its 1/5/22 high.
Finally, just today in the UK, the FTSE 100 traded to a four-year high after gaining 13.1% off its late 2022 low. From a technical perspective, this clearing above resistance that formed from four major highs going back to 2019 is quite notable. Within US equities, one of the main questions investors face is whether the October lows will hold in 2023, but in Europe, investors are shifting their focus and asking if 2023 will be a year of new highs.
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