Emerging-Market Stocks Eye Correction, Currencies Erase YTD Gain, Bloomberg, 3:55 AM EDT, 3/9/26

[progree]

https://finance.yahoo.com/news/emerging-market-stocks-eye-correction-075524349.html

. . .
The MSCI Emerging Markets Index tumbled 3.4% as of 7:22 a.m. in London, with two out of every three stocks in the gauge posting losses as it approached correction territory, a 10% pullback from recent highs. Stocks are heading for the biggest monthly loss since Sept. 2022, and the index’s 2026 gain has dropped to just over 3% from 15% reached last month.

MSCI’s EM currency index fell for the sixth time in seven days, and was down 0.4% this year.

They don't give a ticker symbol for either one of these, but I found this:

The primary ticker symbol for the MSCI Emerging Markets Index (price return) is MXEF. It is also tracked by the symbol MSCIEF on various platforms. For the most popular exchange-traded fund (ETF) that tracks this index, the ticker is EEM (iShares MSCI Emerging Markets ETF)

Something from msci.com
https://www.msci.com/documents/10199/255599/msci-emerging-markets-index-usd-net.pdf

===================================

I have been overweighted for many many years in non-U.S. mutual funds and ETFs, and have paid a huge and heavy price for doing so. Finally, about a year ago (?) non-U.S. stocks including emerging market have been outperforming and I thought that my day has finally come. Well, maybe not.

Would be nice to have some gauges of non-U.S. equities

==== Ancient history now, sigh ======

Global Stocks Trounce the S&P 500 in Trump’s Chaotic First Year, Bloomberg, 1/20/26
https://finance.yahoo.com/news/global-stocks-trounce-p-500-131530108.html
URL doesn't work
This one does but only for a page or so of the article, then it hits "Story Continued" button that does nothing when clicked: https://web.archive.org/web/20260120223645/https://finance.yahoo.com/news/global-stocks-trounce-p-500-131530108.html

========= More ancient history ================

US stocks are off to their worst start versus the global market since 1995, Yahoo Finance, 2/18/26[
https://finance.yahoo.com/news/us-stocks-are-off-to-their-worst-start-versus-the-global-market-since-1995-110019152.html

*THERE's an iShares MSCI ACWI ex U.S. ETF (ACWX) VERSUS S&P 500 - where one can set 1 D, 5D, 1M, 6M, YTD (9.7% v. 0.8%), 1Y (31.7% vs. 12.9%), 5Y (30.0% v. 76.7%), ALL (starting about 4/2008: 35% vs. 393%)
(ACWI stands for All Country World Index). One can see that the S&P 500 vastly outperformed the rest of the world in the past 5 years and the past 18 years, but since late 2024, the rest of the world has outperformed the S&P 500.

I don't know their measure of the S&P 500 was -- is it the price-only index we are familiar with (shown at the top of every finance.yahoo.com page ^GSPC , or is it an S&P 500 ETF like VOO or SPY?

Again I don't like using ETF's for measuring market performance because they are polluted by discounts or premiums over net asset value. And the price of ETF's don't include dividends or reinvested dividends.

iShares MSCI ACWI ex U.S. ETF (ACWX) includes both developed markets and emerging markets.

[progree]

1. Fortunately there's refuge in bonds, uh, well, maybe not

From Europe to Asia, bond markets plunge as oil vaults above $115, Reuters, 3/9/26

On Monday, government bond yields surged further as prices tumbled, adding to last week's dramatic moves.

They also price in a chance that the Bank of England will hike rates this year, having seen a March cut as fairly likely before the conflict. Expectations of Fed rate cuts have been pushed back.

Britain bore the brunt of the selling pressure, with two-year ​yields ​rising nearly 40 basis points, setting them up for their biggest daily jump since former ​Prime Minister Liz Truss's failed 2022 economic plan.

In Germany, yields ‌rose 11 bps, touching the highest since July 2024.

In contrast ((?? -progree)), longer-dated bond yields jumped in Japan, another energy importer, while the yen also felt the pressure from the surge in oil prices. [JP/]

.. . The moves were more contained in the U.S., the world's largest liquid natural gas producer, where two-year yields were last up 7 bps.