U.S. and European equities are moving more closely together than at any time since the peak of the euro-area debt crisis and the start of the Federal Reserve’s third round of bond purchases. Even with the S&P 500 recovering quicker from the impact of Brexit than the Stoxx Europe 600 Index, the 120-day correlation between the two has risen to the highest level since September 2012. The U.S. benchmark rose to an all-time high on Monday, while European shares extended a rebound into a third day.
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