MSCI All Country World Index (ACWI) – Period of Consolidation Exane is bullish and suggests that the MSCI ACWI might be nearing an end to this period of consolidation. Image: Exane BNP Paribas
MSCI All Country World Index (ACWI) Leads Global GDP This chart suggests that the MSCI All Country World Index (ACWI) leads Global GDP by 6 months. Image: Ken Fisher
MSCI Emerging Markets Index vs. World Semiconductor Sales This great chart suggests that world semiconductor sales lead the MSCI emerging markets index by 3 months. Very interesting chart before investing in emerging market equities. Country weights of the MSCI Emerging Markets Index: 33% China, 13.02% Korea, 11.35% Taiwan. Image: Nordea and Macrobond
S&P 500 – MSCI U.S. vs. G10 Excess Liquidity (Leading Indicator) G10 excess liquidity, the gap between real money growth and economic growth, is climbing again as it returns to post‑pandemic highs and gives U.S. stocks fresh support. Image: Bloomberg
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
MSCI Equity Indexes, Total Return in US$ America’s equity outperformance topped out in 2022. U.S. growth still looks solid, but lofty valuations suggest tougher performance ahead, arguing for a more balanced global allocation in 2026. Image: Gavekal, Macrobond
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
MSCI ACWI Total Return Index – Rallies and Corrections Interesting chart showing the deviation of the MSCI AC World Total Return Index against its trend line, like the swing of a pendulum. Image: Fidelity Investments
Currency Impact on International Returns (MSCI ACWI ex-U.S.) Chart showing the currency impact on the MSCI All Country World ex-U.S. Index. Image: J.P. Morgan Asset Management
World Semiconductor Sales Lead Emerging Markets This chart suggests that world semiconductor sales lead the MSCI emerging markets index by 3 months. This is very interesting before investing in emerging market equities. Country weights of the MSCI Emerging Markets Index: 33% China, 13.02% Korea, 11.35% Taiwan. Image: Nordea and Macrobond
MSCI ACWI ex-U.S. and S&P 500 Index U.S. equities have significantly outperformed the rest of the world in recent years, but this has not always been the case. You may also like “Trailing 12-month Return Differential between U.S. and non-U.S. Stocks.” Image: ClearBridge Investments