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We track detailed weekly country economic trend movements. We use ETFs that represent each geographic region and present the results here.

This is the second week of coverage, and with QE2 and G20 meetings behind us, each sovereign nation will deal with their own challenges as they react to changes on the international stage.

The largest industrial nations met in Seoul last week and one of the topics on the agenda was rebalancing global growth.

Nation

Symbol

15-Nov Trend Score

Direction

8-Nov Trend Score

Hong Kong

(NYSEARCA:EWH)

16%

v

21%

South Africa

(NYSEARCA:EZA)

14%

v

20%

Singapore

(NYSEARCA:EWS)

13%

v

18%

India

(NYSEARCA:INP)

12%

v

24%

Mexico

(NYSEARCA:EWW)

12%

v

16%

Malaysia

(NYSEARCA:EWM)

11%

v

16%

South Korea

(NYSEARCA:EWY)

10%

v

15%

Germany

(NYSEARCA:EWG)

8%

v

13%

Taiwan

(NYSEARCA:EWT)

8%

v

13%

United Kingdom

(NYSEARCA:EWU)

8%

v

12%

Russia

(NYSEARCA:RSX)

7%

v

15%

Canada

(NYSEARCA:EWC)

7%

v

11%

Australia

(NYSEARCA:EWA)

7%

v

15%

China

(NYSEARCA:FXI)

6%

v

12%

Switzerland

(NYSEARCA:EWL)

6%

v

12%

Belgium

(NYSEARCA:EWK)

5%

v

11%

Austria

(NYSEARCA:EWO)

5%

v

11%

Brazil

(NYSEARCA:EWZ)

5%

v

12%

France

(NYSEARCA:EWQ)

4%

v

10%

Japan

(NYSEARCA:EWJ)

4%

v

4%

The Netherlands

(NYSEARCA:EWN)

4%

v

9%

Italy

(NYSEARCA:EWI)

1%

v

5%

Spain

(NYSEARCA:EWP)

-1%

v

1%

All year long, the emerging markets such as India, Hong Kong, South Africa have been the leading performers. Risk aversion started to show up late last week. As a result, some emerging market stocks led the big decline. India and Russia saw the biggest change, with India dropping out of the top three.

click to enlarge


With the exception of India, the top of the group behaved in a similar way as the markets pulled back in the second half of the week.

India will be the one to watch to see if it bounces back next week.

The countries at the bottom of the list also reacted in a cluster, dropping around 4%, with the exception of Japan - which had a much more muted response. A noticeable exception in the laggards is Spain - which registered a negative trend score, clearly illustrating that the country's economic challenge has now been translated to its equity (stock) performance.

Clearly, the last week has been a challenging one, and we will have to watch which ones rebound and to what extent.

Disclosure: No position

Source: Weekly Economic Trends by Country - India Drops Significantly, Japan Only a Little