Europe Stock Market Boom Is Hiding a Darker Truth

European stock markets are booming. But that doesn’t mean Europe is. Traditionally, a bet on European equities is actually a bet on growth everywhere else. The companies that make up the Stoxx Europe 600 — which has risen by about 12% this year — get almost half their revenues outside the continent, according to the index’s owners. America’s S&P 500 brings in less than 30% from elsewhere.