The Asian segment of the GWI Global Water Index fell to its lowest level in almost a decade this month, as recession fears, renewed COVID lockdowns in China, and foreign capital outflows conspired to mean that nine out of the ten poorest performing water stocks were Asian-domiciled (see table, right). By contrast, the Americas segment put in a blistering performance, as water equipment names staged a relief rally when it became clear that the quarterly results season was not as bad as many had been expecting (see commentary p16). Stocks with agricultural water exposure (not covered in our index, but worthy of attention nonetheless) fared particularly well. Lindsay Corporation and Valmont Industries highlighted the strength of farm equipment demand, with both precision irrigation market leaders posting revenue growth near 30%, and both stocks surging more than 10% on the news.
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