I posted a scorecard for a number of global stock markets a week ago, showing the index movements since each of the respective market's highs. This short post provides an update, but this time also showing returns in US dollar and euro rather than only in local currency terms.

Source: Plexus Asset Management (based on data from I-Net Bridge)

Whereas the local currency comparison seems to point to the S&P 500 Index and the Dow Jones Industrial Index having fared relatively well, this is simply a weak US dollar illusion. Once the returns are converted to reflect a common currency such as the US dollar or euro, the situation changes completely and the US markets are right in the thick of the declines.

Furthermore, the previous conclusion of global economies decoupling from the US remaining a myth is still as applicable as before. The bottom line: In times of crisis, correlations between stock markets increase and there is nowhere to hide.

By Dr Prieur du Plessis

Dr Prieur du Plessis is an investment professional with 25 years' experience in investment research and portfolio management.

More than 1200 of his articles on investment-related topics have been published in various regular newspaper, journal and Internet columns (including his blog, Investment Postcards from Cape Town : www.investmentpostcards.com ). He has also published a book, Financial Basics: Investment.

Prieur is chairman and principal shareholder of South African-based Plexus Asset Management , which he founded in 1995. The group conducts investment management, investment consulting, private equity and real estate activities in South Africa and other African countries.

Plexus is the South African partner of John Mauldin , Dallas-based author of the popular Thoughts from the Frontline newsletter, and also has an exclusive licensing agreement with California-based Research Affiliates for managing and distributing its enhanced Fundamental Index™ methodology in the Pan-African area.

Prieur is 53 years old and live with his wife, television producer and presenter Isabel Verwey, and two children in Cape Town , South Africa . His leisure activities include long-distance running, traveling, reading and motor-cycling.

Disclaimer: The above is a matter of opinion and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Do your own due diligence.

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