Major developed global markets are still working through the pullback set off by Bernanke's hawkish performance before Congress on May 22. Except for the S&P 500 , which has run ahead in its absorption of the implications of the Fed's LSAP taper.
Thanks Anil - not surprising to see US equities leading in this environment. The reasons with all indices considered are many and complex; but the extent of the decoupling suggests aggregate flows are fleeing ex-US and chasing into quality at all-time highs. On this point the divergence between the SPX and DAX is noteworthy.