Nikkei, thanks to a very weak JPY is the best performer this week. US small and mid caps including a majority of domestic companies not affected by a strong USD largely overperformed the rest of US markets since election. SP400 Mid Cap and Russell 2000 will probably continue to overperform SP500 in the next weeks . Russia and Brazil recovered this week after poor post election performance. Nasdaq stocks recovered most of heavy losses incurred in the days just after Trump was elected.
Italian referendum planned for December 4rd started to weigh on european stocks which did not profit at all from a weakening EURO ; Italy was down 3% , Dax and Eurostoxx50 were flat . There is a risk that populists voting concerns will continue to weigh on european stocks. Second worst performer was the Indian market (-2,70%) with government decision to demonetize high denomination bills persistently weighing on the local market. Conversely Indian bond markets is a big beneficiary of the move. Generally speaking EM including their currencies did poorly since the US election.