Goldman Sachs has set out an interesting league table showing just how exposed European stock markets with the greatest exposure to China, following Monday’s stock market meltdown.
In a note sent to clients on Tuesday reassuring investors we’re not about to tip into a global recession, Goldman sets out the below chart showing that Germany’s DAX has the biggest exposure to China.
Germany is known as a strong exporter and, like the Australian economy, has enjoyed strong business with China during its economic boom over the last 10 years.
Weirdly, exposure doesn’t match up with performance — Norway’s OBX, the least exposed, has suffered the most since the devaluation. All its year to date gains have been wiped out and it is now down 1% on the year.
Of course, this is a crude measure and there are doubtless plenty of other factors at play in the performance of each market.
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