Source: Bloomberg

Global stock markets and US futures are down slightly this morning for no other reason than that it’s the last day of a triumphant (or Trump-phant) quarter. With the US, Europe and China all showing improved economic growth, though, risks to equity markets are the lowest in years.

As an illustration we created an on-the-fly index of global equity risk. It’s the average of S&P implied volatility (VIX), Eurostoxx VIX, Nikkei VIX, the CBOE-traded China ETF volatility (on the FXI ETF), and CBOE-traded emerging markets volatility (on the MSCI emerging markets ETF EEM).