European investors in US equities have been dealt a double blow as a slide in the dollar compounds losses on stocks, ending a “virtuous cycle” of share price and currency gains during Wall Street’s recent record run.
The slump in US stocks this year has confounded a widespread bet that Wall Street would continue to outperform. But an accompanying slide in the dollar has magnified the pain for foreign investors, ending a pattern where currency gains tended to offset some of the declines.
The blue-chip S&P 500 is down nearly 4 per cent in dollar terms so far this year, but more than 8 per cent in euro terms.
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