International Financial Markets

An increasing number of investors--from all countries--are focusing on global markets. As investment horizons broaden, the assessment of financial markets must be transformed from a national to an international perspective.

The activities in major international financial markets over the past year are reviewed in this research. The focus of this review is on equity stock trading in 16 of the largest and most active world bourses.

Activity is reviewed within the context of the most widely reported share index in each of the countries. In Australia, as an example, the All Ordinary Index, which includes weighted values for all common (ordinary) shares, is used, while in the United States, the Dow Jones Industrial Index, which includes weighted values for the common shares of 30 large industrial companies, is used. In the reviews that follow, the name of the country is followed by the name of the city in which the equity market on which the share index is based is located.

As of 7 December 1993, the share index stood at 2073.9, which was 97.3 percent of the 1993 year-to-date high for the index, and which was 38.7 percent above the 1993 year-to-date low for the index. The index level as of 7 December 1993 was 89.1 percent of the record high for the index. Index performance over the December 1992-December 1993 period was as follows:

1. The index posted a gain of 3.2 perce

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e share index stood at 9736.6, which was 100 percent of the 1993 year-to-date high for the index, and which was 79.5 percent above the 1993 year-to-date low for the index. The index level as of 7 December 1993 was 100 percent of the record high for the index. Index performance over the December 1992-December 1993 period was as follows: 1. The index posted a gain of 6.7 percent over the most recent week reported. 2. The index posted a gain of 76.6 percent since 31 December 1992 when measured in local currency units, and a gain of 77.1 percent when measured in US$. 3. The index posted a gain of 87.2 percent over the most recent 12-month period reported. Italy (Milan) As of 7 December 1993, the share index stood at 573.5, which was 90.9 percent of the 1993 year-to-date high for the index, and which was 28.9 percent above the 1993 year-to-date low for the index. The index level as of 7 December 1993 was 63.1 percent of the record high for the index. Index performance over the December 1992-December 1993 period was as follows: 1. The index posted a gain of 4.5 percent over the most recent week reported. 2. The index posted a gain of 28.5 percent since 31 December 1992 when measured in local cur

Category: Economics - I