[讨论] BRIC Stocks Top Developed Markets Over Decade

何鸿燊

By Eric Martin

Dec. 10 (Bloomberg) -- Stocks in Brazil, Russia, India and China beat developed-country equities this decade as surging commodities lifted the fastest-growing markets, while investors lost money in advanced nations from the U.S. to Germany.

The CHART OF THE DAY, based on a note from Bespoke Investment Group LLC, shows that so-called BRIC stocks, led by Russia, climbed since the end of 1999 as equities in the biggest developed markets retreated. Emerging-market stocks rose as oil prices almost tripled, copper quadrupled and economic expansions boosted demand. A collapse of technology shares in 2000 and banks last year spurred losses in the U.S., Japan, the U.K., Germany, France and Italy.

“It’s been the decade of emerging markets,” said Justin Walters, the co-founder of Bespoke, a research firm based in Harrison, New York. “Oil has been another major theme of the decade, and those two go hand-in-hand with each other. The commodities boom is broad-based. The developed countries have pretty much been awful.”

In Russia, the world’s largest energy exporter, the dollar- denominated RTS Index jumped seven-fold since 1999, recovering from the ruble crisis that wiped out 85 percent of its value the previous year. The Bovespa index in Brazil, home to Vale SA, the world’s largest iron-ore producer, and Petroleo Brasileiro SA, the third-biggest oil company by market value, quadrupled. India’s Bombay Stock Exchange’s Sensitive Index more than tripled and China’s Shanghai Composite Index doubled.

The term BRICs was coined by Goldman Sachs Group Inc. Chief Economist Jim O’Neill in 2001 to describe the fast-growing economies of Brazil, Russia, India and China.

Canada was the only Group of Seven nation where stocks rose. Energy and raw-materials producers account for 47 percent of stocks in Canada’s benchmark Standard & Poor’s/TSX Index, compared with 15 percent in the S&P 500 and 19 percent in the Dow Jones Stoxx 600.

Canada’s S&P/TSX climbed 35 percent over the decade, while a 48 percent decline in Italy’s benchmark FTSE MIB Index led losses among the other G-7 nations.

To contact the reporters on this story: Eric Martin in New York at emartin21@bloomberg.net