Our global markets watchlist tracks nine prominent indexes from economies around the world. The list includes the S&P 500 from the United States, TSX from Canada, the FTSE 100 from England, the DAXK from Germany, the CAC 40 from France, the Nikkei 225 from Japan, the Shanghai from China, the Hang Seng from Hong Kong, and the BSE SENSEX from India. For a look at how some emerging markets across the globe stack up against each other, read our emerging markets update.
Through September 8, 2026, six of the nine indexes on our watchlist remain in positive territory. Japan’s Nikkei 225 leads the pack with a 30.2% year-to-date gain, followed by Canada’s TSX (+13.9%) and the United States’s S&P 500 (+12.1%). Conversely, India’s BSE SENSEX has struggled the most, down 11.3% for the year, while Hong Kong’s Hang Seng has a loss of 1.2%.
To provide additional context on where these indexes stand relative to their historical peaks, the table below shows each index’s current value, all-time peak, the date of that peak, and how far it is from that record level.
World Indexes and Recent Recessions
Let’s start with a very recent chart with the latest recession. We’ve used February 3, 2020 for our start date (this is the official NBER recession start).
The chart below illustrates the comparative performance of world markets since March 9, 2009. The start date is arbitrary: The S&P 500, TSX, CAC 40 and BSE SENSEX hit their lows on March 9th, the Nikkei 225 on March 10th, the DAXK 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 and using a log-scale vertical axis, we get an excellent visualization of the relative performance. I’ve indexed each of the eight to 800 on the March 9th start date. The callout in the upper left corner shows the percent change from the start date to the latest weekly close.
Here is the same visualization, this time starting on October 9, 2007, a previous closing high for the S&P 500. This date is also approximately the mid-point of the range of market peaks, which started on June 1st for the CAC 40 and ended on January 8, 2008 for the SENSEX.
For a longer look at the relative performance, our final chart starts at the turn of the century, again indexing each at 800 for the start date.
Examples of single country ETFs:
- WisdomTree Japan Hedged Equity Fund (DXJ)
- WisdomTree Europe Hedged Equity Fund (HEDJ)
- KraneShares CSI China Internet ETF (KWEB)
- iShares MSCI India ETF (INDA)
- iShares MSCI Hong Kong ETF (EWH)
- iShares MSCI Canada ETF (EWC)
- SPDR S&P 500 ETF Trust (SPY)
Note: I track Germany’s DAXK a price-only index, instead of the more familiar DAX index (which includes dividends), for consistency with the other indexes, which do not include dividends.
Originally published at Advisor Perspectives
For more news, information, and strategy, visit the China Insights Content Hub.
Facts Only
* Nine indexes are tracked: S&P 500 (US), TSX (Canada), FTSE 100 (England), DAXK (Germany), CAC 40 (France), Nikkei 225 (Japan), Shanghai (China), Hang Seng (Hong Kong), and BSE SENSEX (India).
* As of September 8, 2026, six of the nine indexes are in positive territory.
* Nikkei 225 has a year-to-date gain of 30.2%.
* TSX has a year-to-date gain of 13.9%.
* S&P 500 has a year-to-date gain of 12.1%.
* BSE SENSEX has decreased by 11.3% for the year.
* Hang Seng has a loss of 1.2%.
* The start date for market charts is set to February 3, 2020, for recession context.
* Charts compare performance since March 9, 2009.
* A visualization was created starting October 9, 2007.
* Final chart indexing starts at the turn of the century, with all indexes indexed at 800.
Executive Summary
Full Take
The presentation of market performance relies heavily on selective temporal framing and arbitrary scaling to suggest relative positioning without providing explicit causality for the observed differentials. The juxtaposition of year-to-date gains (e.g., Nikkei 225 at 30.2%) against significant losses (e.g., BSE SENSEX at -11.3%) establishes a stark divergence, which functions as an immediate driver for attention, yet the underlying economic structure that generates these divergences remains unexamined. The use of historical start dates—such as March 9, 2009 versus October 27, 2008—to frame relative performance introduces a dependence on the chosen baseline, implicitly prioritizing certain market cycles over others without establishing an objective measure of "superiority." Furthermore, the specific note regarding tracking Germany’s DAXK price-only index instead of the dividend-included DAX suggests a deliberate attempt to create a consistent comparative set for index analysis. The pattern observed is the technique of anchoring positive momentum in one region while highlighting severe retraction elsewhere, compelling the reader toward an immediate focus on regional disparity rather than global systemic health. This structure implies that global standing is best understood through localized performance contrast rather than integrated risk assessment.
BRIDGE QUESTIONS:
What specific macroeconomic variables correlate most strongly with the divergence between the leading and lagging indexes? How should the historical start dates be weighted when assessing contemporary relative performance across different market regimes? What implications arise if a nation's index performance is framed solely by its deviation from an arbitrary historical peak, rather than by internal policy or fundamental drivers?
Sentinel — Human
The text exhibits the structure and specificity of financial reporting, indicating it is likely derived from human analysis of data rather than pure synthetic generation.