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Last week, indices around the globe showed declining trend scores with only a few countries showing a positive trend increase.

South Korea (EWY) remained at the top spot, albeit seeing its trend score lowered last week. The fundamentals of the South Korean economy continue to look strong. The trend was lowered mainly due to investor appetite for profit-taking.

Malaysia (EWM) jumped from sixth place to claim the second spot last week. Unlike most of its high growth ASEAN counterparts, the Malaysian equity market did not go up as much in 2010. The country’s initiatives to reform its banking sector and massive spending plan on infrastructure projects bodes well for a positive economic outlook this year.

Renewed concerns about European sovereign debt continued to drive Spain (EWP), Italy (EWI), and France (EWQ) lower. Uncertainties over potential sovereign defaults will likely to send more turbulence to the markets in the eurozone.

We will see if the volatilities will spill over to outside the eurozone -- this data can regularly be reviewed at the 360 Degree Market View.

Assets Class

Symbols

01/07

Trend

Score

12/31

Trend

Score

Direction

South Korea

EWY

14.68%

18.02%

v

Malaysia

EWM

14.1%

13.99%

^

Mexico

EWW

12.99%

14.94%

v

Hong Kong

EWH

12.67%

9.86%

^

Russia

RSX

12.13%

15.42%

v

South Africa

EZA

9.64%

18.0%

v

Taiwan

EWT

9.18%

16.58%

v

Singapore

EWS

7.83%

10.08%

v

Canada

EWC

7.59%

11.28%

v

Japan

EWJ

6.93%

8.76%

v

Austria

EWO

5.66%

15.63%

v

United Kingdom

EWU

4.54%

8.25%

v

Switzerland

EWL

4.06%

10.66%

v

Germany

EWG

3.44%

7.92%

v

Australia

EWA

2.36%

10.79%

v

India

INP

1.96%

9.83%

v

China

FXI

1.32%

2.11%

v

Brazil

EWZ

1.27%

5.39%

v

The Netherlands

EWN

-1.31%

6.79%

v

Belgium

EWK

-2.03%

4.05%

v

France

EWQ

-2.12%

4.06%

v

Italy

EWI

-5.43%

-0.82%

v

Spain

EWP

-14.88%

-5.58%

v

click to enlarge images

Source: Country ETFs Flat or Modestly Down While Spain Flounders