Sector correlations in 2012 before QE announcement in July:
Sector correlations in July 2012:
Sector correlations in Jul/Aug/Sep 2012:
The euro and stock markets
Having tumbled after the QE launch, the euro has risen on a trade-weighted basis since 2016 due to a stronger economy. This has worried policymakers at times, since a firm currency dampens price pressures.
The impact on equities has been mixed. European markets rallied before the start of QE but are well off peaks hit in 2015. A roughly 30 percent slide in bank stocks since 2015, as the negative interest rate environment eroded margins, helps to explain this.