June 2023: a good month for equity investors

The American stock market outperformed European stock markets

Most major stock markets had a good month in June, at least in Europe and the US. The American stock market outperformed European stock markets, with a monthly return in euros measured at 4.3% for the MSCI North America index and 2.4% for the MSCI Europe index. If we compare returns not in euros but measured in local currencies, the differences widen further due to the depreciation of the US dollar, in favor of the US. In the case of US equities, it was also notable that technology stocks were still leading in June, but the yield differences with 'traditional' sectors were smaller than earlier this year.