The exchanges on the far right may be a little 'exuberant.'
For the US, this is an artifact of monetization flowing almost directly to the financial sector. I am not sure how to account for India and South Africa, and some of the others except to say that a few are obviously riding the China 'miracle.'
As an additional datapoint, stock exchange margin debt has reached highs not seen since before the collapse of Lehman Brothers. Margin Debt
Austerity is taking an obvious toll on the economies and the markets on the left.
As in the case of a nation's currency, God bless the child that's got its own.
At least for a little while.
As a rule of thumb, a wise nation and a free people never surrender the control of their sovereign currency to another.