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
Returns – Global Equities vs. Global Bonds vs. Gold vs. World Portfolio Since 1950, the world portfolio has earned a real 4.1% annual return — global equities led with 7.3%, gold lagged at 2.5%, and global bonds barely reached 1.8%. The long-run verdict is clear: equities have won. Image: Goldman Sachs Global Investment Research
Valuations – Market Values as a Proportion of World GDP Global equities have tripled their weight since the 1990s, jumping from 75% to above 200% of world GDP—an expansion that screams just how far valuations have run. Honestly, what could go wrong? Image: Goldman Sachs Global Investment Research
World Portfolio The world’s portfolio remains tilted toward the U.S.—in both stocks and bonds. Gold holds a modest 6%, while crypto barely cracks 1%. Image: Goldman Sachs Global Investment Research