- The markets were down last week as focus and prayers shifted to Japan. The 1-year returns of the world have dropped from up around 20% last month to now up around 10% across the world. Year-to-date, less developed countries are underperforming more developed countries by about 4%.
- Japan ended the week down 3.5%, with more to come today. Energy rich countries took a bit of a hit last week, and most countries around the world were generally negative. It is worth noting that the US was the best performer of the G-7 last week, and China was the best performer of the BRICs.
- Energy was down 4% last week, but the sector is still leading for 2011 and over the last one year. Healthcare remains the laggard of US sectors as the large Pharmaceuticals contine to be a drag on the sector.
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Keith Hays & Justin Wood
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