Europe is perceived as the safer of the two economies right now between itself and the United States.
For this reason European currencies and equities have shown relative strength against all U.S. assets in recent weeks.
An interesting development on Monday was the breakaway strength of Chinese equities.The index below highlights the strong uptrend from the week of October 7th till now. Chinese economic data Friday night showed that exports vastly underperformed expectations. The hope for Chinese economic policy reform, however, boosted the Shanghai equity market Monday. Coming up short on exports set China up to drop in U.S. markets Monday morning, which it did initially, but due to the lack of a debt deal, foreign markets received the strongest bid. Follow @AndrewSachais This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.