Figure 1. Normalized stock price indices; S&P 500 (U.S.), FTSE 350 (U.K.), DAX 30 Performance (Germany), NIKKEI 500 (Japan), BSE 100 (India), and SSE Composite (China).

All indices have been normalized by their mean. The indices of the U.S., U.K. and Germany (blue, green and red line) appear almost as if they are shifted parallel, which is a sign of their high correlation. Note that all price indices are based on stock prices in local currency.