Relative Equity Market Performance – USA vs. Rest of the World U.S. equities have lagged global peers recently, posting their steepest relative underperformance in 15 years. The leadership baton has passed to cheaper, more cyclical markets overseas, pointing to brighter days for the global cycle. Image: Deutsche Bank Research
World Technology Earnings Driven by innovation and a digital‑first economy, tech earnings continue to outpace global peers, with momentum still running strong. Digital transformation remains a powerful growth engine. Image: Goldman Sachs Global Investment Research
Valuations – 12-Month Fwd P/E Multiple. Worldscope Europe Sector Indices If you look at today’s valuation at 16.8x P/E and consensus revenues growth at around 9% annually, the risk of a slowdown in Software & IT Services is at least partly priced in already. Image: Goldman Sachs Global Investment Research
Performance – S&P 500 Relative to FTSE All-World Excluding U.S. US stocks have sunk to a two-year low versus global peers, as tariffs bite and AI gains stay concentrated among a handful of megacaps. Diversifying beyond the U.S. is paying off. Image: Bloomberg
Valuation Ranges of MSCI World Styles Indices Across markets and styles, valuations remain lofty amid AI-driven optimism and market concentration, forcing investors to pick their spots carefully. Image: Goldman Sachs Global Investment Research
MSCI World Performance vs. U.S. Dollar Index The link between the US dollar and global equities is often decisive. A softer dollar usually lifts stock markets worldwide, while a firmer one tends to weigh them down. Image: J.P. Morgan
Global Stocks – MSCI AC World Local Index Citigroup strategists are betting on a 10% rise in global equities this year, backed by a gentle economic slowdown, stronger earnings forecasts, and fresh AI tailwinds. Image: Bloomberg
Three-Year Total Returns of MSCI World Sector Indexes Tech and Communication Services sectors have dominated global equity returns in recent years, lifted by a surge in AI-driven innovation across hardware, software, and digital infrastructure. Image: Gavekal, Macrobond
Gold Price (5-Year Rolling Change) and World Military Expenses When governments ramp up military spending, gold tends to sparkle. Rising geopolitical risks and looser fiscal policy weaken paper currencies and revive inflation worries, sending investors back to bullion. Image: Gavekal, Macrobond
Performance – Bloomberg U.S. 500 Ex Mag 7 Index vs. FTSE All-World Ex U.S. Index The AI boom remains a U.S. mega-cap story for now, leaving the global balance mostly untouched. Image: Bloomberg
MSCI AC World: 10-Year Annualized Total Return Goldman Sachs forecasts a 10-year annual return of 7.7% in USD for global stocks — a solid long-term outlook, though shy of the boom years’ pace. Image: Goldman Sachs Global Investment Research