William Riegel, Chief Investment Officer TIAA Public Investments
August 12, 2016
William Riegel, Chief Investment Officer, TIAA Investments
Overseas, European and emerging-market (EM) stocks are benefiting from economies that are currently outpacing the U.S. This should lead to further currency strengthening versus the dollar and support equity prices in those markets. Europe’s broad STOXX 600 Index was buoyed by the embattled European banking sector, as second-quarter revenues and costs were better than expected. For the week, the STOXX 600 rose 1.4% (in local terms). Meanwhile, the MSCI Emerging Markets Index surged 2.5% for the week through August 11, raising its year-to-date gain to a healthy 16.2% (returns in U.S. dollar terms).
Current updates to the week’s market results are available here.
Foreign stock market returns are stated in U.S. dollars unless noted otherwise.
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