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Here's a weekend snapshot of seven major world indexes. The table at right shows the performance over the past week.

The Hang Seng, DAX and S&P 500 had a strong week, with the 2.52% gain in the Hang Seng as the top return. The Shanghai Composite continues to flirt with bear territory, down 1.67% for the week and 19.59% from the interim high in August 2009. But the Bombay is the market that really bombed — down 4.22% for the week, which put it in correction territory, 10.21% off its interim high in early November 2010.

The chart below illustrates the comparative performance of World Markets since March 9, 2009. The start date is arbitrary: The S&P 500 and Bombay SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAX on March 6th, the FTSE on March 3rd, the Shanghai Composite on November 4, 2008, and the Hang Seng even earlier on October 27, 2008. However, by aligning on the same day, we get a better sense of the present-day degree of market correlation than if we align the lows.

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A Longer Look Back

Here is the same chart starting from the turn of 21st century. The relative over performance of the emerging markets is readily apparent.

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Disclosure: No positions

Source: World Markets Update: Hang Seng Soars While Bombay Bombs