The lockstep moves in global stocks that dominated equity markets for the past six years are breaking down at the fastest rate on record, a sign investor confidence is finally returning from the financial crisis.

A measure of how much the 2,073 companies in the FTSE All- World Developed Index (FTAD01) swing in unison has dropped 31% since June, the biggest retreat since at least 1993, according to data compiled by Societe Generale SA and Bloomberg.

The indicator ended last month at the lowest level since 2007.