Foreign and International Stock Market Indexes

Development in financial markets worldwide includes the construction of indexes for these markets. The most important are the Nikkei, FTSE (pronounced "footsie"), and DAX. The Nikkei 225 is a price-weighted average of the largest Tokyo Stock Exchange (TSE) stocks. The Nikkei 300 is a value-weighted index. FTSE is published by the Financial Times of London and is a value-weighted index of 100 of the largest London Stock Exchange corporations. The DAX index is the premier German stock index.

More recently, market-value-weighted indexes of other non-U.S. stock markets have proliferated. A leader in this field has been MSCI (Morgan Stanley Capital International), which computes over 50 country indexes and several regional indexes. Table 2.5 presents many of the indexes computed by MSCI.

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