While most of the world's stock markets are still trading well below their highs of 2007, a handful
has bucked the trend.
Six, to be precise.
Tunisia, the tiny African nation south of Italy, has been the best-performing stock market since 2007. The Tunindex, a 12-year-old index of 45 stocks, is trading 81% above its high for that year, and is up 15% for 2010. Sri Lanka is up 53% since 2007 and 36% this year.
The other four are Venezuela, Colombia and Chile -- Latin American countries benefiting from a rush to commodity-rich emerging markets -- and Indonesia.
The tally of performance
s just how much investor
s have been favoring emerging markets, and the extent
to which they have been willing
to delve into frontier
Over the past three years, emerging and frontier
markets -- those markets considered so small that they don't even fit into the 'emerging' category
-- are down 7.5%, according to MSCI data.
The All-Country World Index is down nearly 11%.
所有国家全球指数(MSCI All Country World Index)跌幅近11%。
and hedge funds had inflows of $17.3 billion
in the first half of this year, according to Emerging Portfolio Fund Research.
Emerging Portfolio Fund Research的数据显示，今年上半年，173亿美元的资金流入了新兴市场共同基金和对冲基金。
Frontier markets had inflows of $780 million.
The continued flow of funds into emerging markets, and their outperformance
, shows 'a big structural shift in markets' that may be long-lasting, said Jerome Booth, head of research
at London-based emerging markets specialist
Ashmore Investment Management.
英国新兴市场专家──安石投资管理有限公司(Ashmore Investment Management)的研究负责人布斯(Jerome Booth)说，资金持续流入新兴市场及新兴市场的出色表现显示出国际市场出现了大的结构性转变，这或许将是长期现象。
Most developed countries are trailing badly. Of 89 nations, the U.S. -- as measured by the Dow Jones Industrial Average, which remains 31% below its 2007 peak -- ranks 40th.
大多数发达国家股市表现较差。按道琼斯工业平均指数(Dow Jones Industrial Average)衡量，美国股市仍比2007年的峰值低31%。在89个国家中排名第40。
Japan's Nikkei Stock Average of 225 companies, which is down 49% from its 2007 high, ranks 65th. The U.K.'s FTSE 100, down 27% from 2007, ranks 36th.
涵盖225家公司的日本日经平均指数(Nikkei Stock Average)比2007年的高点低49%，排名第65。英国FTSE 100指数比2007年低27%，排名第36。
The best-performing developed market in this list is Canada, which is benefiting from demand for investment
s exposed to natural resources.
Canada's main stock-market index remains about 22% below its 2007 high.
The data demonstrate
just how difficult it has been for markets globally to recover from the financialcrisis
. It also shows how widespread
the fallout has been.
In many ways, it isn't surprising
that some emerging markets are outperforming their more established counterparts.
Stocks in these countries tend to be particularly volatile and subject to big swings in investorsentiment
On average, Latin American countries have performed better in the past three years.
While Venezuela, Colombia and Chile are now above their 2007 highs, Brazil, Argentina and Mexico are among countries close to break-even.
African nations during 2010 have been among the best performers, perhaps benefiting from publicity surrounding
the World Cup soccer tournament
being played in South Africa. MSCI's Africa index, which includes Tunisia, is up 14% this year.
'The World Cup has been a booster shot,' says Clyde Wardle, emerging-markets currency
strategist at HSBC Holdings.
汇丰控股 (HSBC Holdings)新兴市场汇市策略师沃德尔(Clyde Wardle)说，世界杯是助推器。
The nations also may be piggy-backing on a big change in investorsentiment
toward countries that are rich in natural resources.
funds focused on Africa saw inflows for the past 43 consecutive
weeks, according to data provider Emerging Portfolio Fund Research.
数据提供商Emerging Portfolio Fund Research的数据显示，关注非洲的共同基金及另类投资基金已连续43周呈资金流入状态。
, flows in the U.S. have been largely negative
The continent's relative
resilience to the global financialcrisis
has helped to draw investment
Africa is expected to expand
4.5% in 2010 and 5.2% in 2011, according to the Organization for Economic Cooperation and Development.
经济合作与发展组织(Organization for Economic Cooperation and Development)预计非洲2010年的增长率为4.5%，2011年为5.2%。
, worries about other regions are increasing. U.S. economic data has been weak, sparking concerns that the recovery
may be stalling.
In the U.S., the blue-chip Dow industrial
s index is down 7.1% this year through Friday.
It has fallen for the past seven sessions, its longest losing streak
since the height
of the global financialcrisis
in October 2008.
for risk has waned in recent weeks, driving investor
s out of stocks generally, emerging and frontier
markets are still outpacing the performance
of developed nations, according to MSCI indexes.
Investors may turn to emerging markets to escape growing 'political risk'
they see in developed markets, Ashmore's Mr. Booth said, citing worries about over-regulation of banks and the potential
fallout from the oil spill in the Gulf of Mexico.
'Political populism and protectionism is rising in the developed world,' he said. 'Political risk premium
has been factored into developed markets equities.'