| Variable | Hypothesized Relationship |
| Industrial production index (IPI) | Positive (+) |
| Interest Rate (INT) | Negative (−) |
| Exchange Rate (EXRATE) | Negative (−) |
| Consumer Price Index (CPI) | Negative (−) |
| MSCI | Positive (+) |
| Dividend yield | Positive (+) |
| Price Earnings ratio | Positive (+) |