S&P 500 VIX Dec '19 (VIZ19)
|Contract||CBOE Volatilty Index VIX Futures|
|Tick Size||0.05 points ($50.00 per contract)|
|Contract Size||$1000 times Index|
|Trading Months||All Months|
|Trading Hours||5:00p.m. - 3:15p.m. (Sun) and 3:30p.m. - 3:15p.m. (Mon-Thur) (Settles 3:30p.m.) CST|
|Value of One Futures Unit||$1,000|
|Value of One Options Unit||$1,000|
|Last Trading Day||The Wednesday that is 30-days prior to the third Friday of the following calendar month|
World stocks - World stock markets in 2019 closed mostly higher. The MSCI World Index, a benchmark for large companies based in 23 developed countries, closed sharply higher by +25.2%, overcoming the -10.4% decline seen in 2018. World stocks rallied in 2019 as the Federal Reserve cut interest rates and as the global economy showed general strength despite trade tensions.
Small-Capitalization Stocks - The MSCI World Small-Cap Index, which tracks companies with market caps between $200 million and $1.5 billion, rose by +24.1% in 2019, more than reversing the 2018 decline of -15.2%. The +24.1% rise in the MSCI World Small-Cap Index in 2018 was 1.1 percentage point behind the +25.2% gain in the large-cap MSCI World Index. Small caps in 2019 under-performed large caps for the second straight year following the string of three consecutive years of out-performance in 2015-17.
World Industry Groups - All ten of the MSCI industry groups showed solid gains in 2019. The Information Technology sector was the strongest by far with a +46.0% gain. Eight other sectors showed strong gains including Industrials (+25.7%), Telecom (+25.5%), Consumer Discretionary (+24.7%), Financials (+22.0%), Health Care (+21.4%), Consumer Staples (+20.2%), Materials (+19.6%), and Utilities (+19.3%). The Energy sector lagged with a gain of +7.7%.
Emerging markets - The MSCI Emerging Markets Free Index, which tracks companies based in 26 emerging countries, rose by +15.4% in 2019, not quite reversing the 2018 decline of -16.6%. The +15.4% gain in emerging market stocks seen in 2019 lagged the +25.2% gain seen in the MSCI World Index by 9.8 percentage points.
G7 - The G7 stock markets in 2019 all showed solid gains. The U.S. S&P 500 index showed the largest increase of +28.9% on support from the Federal Reserve's three interest rate cuts during the year. European stocks showed strength with the following rises: Italian MIB index +28.3%, French CAC-40 index +26.4%, German Dax index +25.5%, and UK FTSE 100 index +12.1%. Canada's Toronto Composite Index in 2019 showed a solid increase of +19.1%, while Japan's Nikkei index was close behind with an increase of +18.2%.
North America - In North America, the U.S. S&P 500 index in 2019 showed the largest gain of +28.9% due to the Federal Reserve's interest rate cuts. Canada's Toronto Composite index showed a solid increase of +19.1%, while Mexico's Bolsa index lagged with a +4.6% increase.
Latin America - The Latin American stock markets in 2019 closed generally higher after a mixed year in 2018. The ranked returns in 2019 were as follows: Argentina's Merval Index +37.6%, Jamaica's Stock Exchange Index +34.3%, Brazil's Bovespa Index +31.6%, Colombia's General Index +25.4%, Peru's Lima General Index +6.1%, Ecuador's Guayaqui Bolsa Index -3.6%, and Chile's Stock Market Select Index -8.5%.
Europe - European stocks in 2019 showed solid gains as the European Central Bank maintained an extremely supportive monetary policy and as the European economy kept its head above water. The Euro Stoxx 50 index in 2019 rose by +23.3%, more than reversing the -13.1% decline seen in 2018. The ranked European returns in 2019 were as follows: Italian MIB index +28.3%, French CAC-40 index +26.4%, German Dax index +25.5%, UK FTSE 100 index +12.1%, and Spanish IBEX 35 index +11.8%.
Asia - The Asian-Pacific stock markets in 2019 closed mostly higher. The MSCI Far East Index in 2019 rose by +18.6%, more than reversing the -11.8% decline seen in 2018. The ranked returns for the Asian-Pacific stock markets in 2019 were as follows: New Zealand's Exchange 50 Index +30.4%, Taiwan's TAIEX Index +23.3%, China's Shanghai Composite Index +22.3%, Australia's All-Ordinaries Index +19.1%, Japan's Nikkei 225 Index +18.2%, India's Mumbai Sensex 30 index +14.4%, Pakistan's 100 Index +9.9%, Hong Kong's Hang Seng +9.1%, South Korea's Composite Index +7.7%, Vietnam's Stock Index +7.7%, Singapore's Straights Times Index +5.0%, Philippines' Composite index +4.7%, Indonesia's Jakarta Composite Index +1.7%, Thailand's Stock Exchange index +1.0%, and Malaysia's Kuala Lumpur Composite index -6.0%.
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