
The STOXX Europe 600 Index rose by 3.1% on April 8, 2025, marking its largest single-day gain since October 2022. This increase follows four consecutive days of losses. The index closed at 483.58, representing a 2.7% rise, the most substantial gain since November 2022. In the first quarter of 2025, European stocks outperformed U.S. equities, with the Euro STOXX 600 exceeding the S&P 500 by 17 percentage points in dollar terms. This performance highlights a significant shift in market dynamics, as European, Japanese, and Hong Kong stocks have recently begun to outperform the S&P 500, narrowing the gap that had widened in mid-March.
Over the last 20 days, we have generally seen the S&P index underperform the signals from global assets correlated to risk sentiment. The S&P has underperformed the model by -8.01% cumulatively during the period. https://t.co/dDvId4DYHk
2 Hours ahead of the NY Open, our cross-asset model indicates a -0.81% loss for the S&P (while futures are down -2.25% since prior close). The signal from Rates is most bullish (-0.32%), while the signal from Global Equities is least bullish (-1.30%). https://t.co/KqiutS4Yef
One really big trend of the past few days is... US outperformance. The gap that opened up between international stocks and US markets by mid-march has shrunk quite a lot. European, Japanese and Hong Kong stocks now beating the S&P by 7-12 points, down from 11-28 points at peak. https://t.co/C6STqgWeKL



