Global recovery perspective

Despite all the continuing problems in the Eurozone (the Euro Stoxx index is only up 38% from its recession lows, as compared to the 111% gain of the S&P 500), and the slowdown in China (the Shanghai Composite index is only up 25% from its October '08 lows), the global equity market has posted a 92% gain since early March '09, according to Bloomberg. We are still 20% below the 2007 highs, so it's still far from a complete recovery, but it's not unimpressive: global equity markets have recovered $23.6 trillion of their 2008-9 losses.