Performance in the international stock markets was predominantly positive during the 1st quarter. The MSCI World (in local currency terms) was up 9% during the 1st quarter of 2013. Due to the higher dollar, euro investors enjoyed a gain of about 10%. In geographic terms, the U.S. stock markets were ahead of Asia and Europe. In Europe, gains ranged from +14.5% (SMI) to -5.7% (FTSE MIB 40). Not even the Austrian ATX could perform and posted returns of -2%. The important British stock market however gained 8.7%. The Pound Sterling was weaker, and performance was therefore only at 4.7%, in euro terms. Price gains in the Japanese stock market continued in full force during the 1st quarter of 2013. This outperformance was however tarnished for euro investors by the weak yen. Emerging markets were very weak and clearly underperformed the so-called developed markets.
The commodity-heavy Canadian Exchange underperformed, since commodities were especially hard hit by the weak global economy.