The Peter Ships Show.

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Was a brutal week in global stock markets.

The European markets were down about 7%.

That's the worst week since March of 2020.

That was the beginning of the COVID crisis.

And in fact, the Euro currency was down about 3% on the week.

So in US dollar terms, you're talking about a 10% decline in one week.

As I mentioned on the last podcast, the reason for the selling in Europe is because European

companies and the European economy is more exposed directly to what's going on in Russia

than the United States or other Asian markets.

And in fact, what's also going on is a lot of the rotation that was taking place prior

to the Russia crisis where people were selling US stocks and buying European stocks.

That's now being reversed and that's obvious by looking at the currency.

I think this is a correction in that trend.

I don't think it is a reversal.

I think there's a powerful force that is going to continue to move money out of US assets,

even if it's temporarily being directed back to US assets by this perception and the

strength of the dollar.

That helped US markets whether this weekly storm a lot better than the European markets.

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