Here we see charts since July of U.S. large cap stocks (top; SPY); emerging market stocks (second from top; EEM); European stocks (second from bottom; VGK); and Asian stocks (bottom; VPL).
What we can see clearly is only the U.S. index has achieved new highs in recent weeks. Emerging market stocks are very well off their highs and not so far from their October lows. Stocks in developed European and Asian markets have only retraced a fraction of their losses during September and October.
This is consistent with global deflationary concerns and overseas economic weakness. It is also part of what has been weighing on U.S. stocks recently. With a strong U.S. dollar and weak trading partners, there are headwinds for U.S. companies as well as tail winds from lower energy prices.