The Bull Market Is Being Powered by Stocks Outside the US
Global equities top record highs for the first time since February.
The never-ending back and forth on tariffs. An escalating war in Ukraine. Growing concern about the US’s mounting debt and deficits, and a congressional budget process that seems unlikely to address the problem.
Sounds like a recipe for a bear market, and yet global stocks just hit an all-time high. The MSCI All-Country World Index is up 5.6% this year, surpassing its record from February.
“The trade tariff drama is now increasingly seen for what it is: a massive trade uncertainty rather than a trade crash,’’ said Florian Ielpo at Lombard Odier Investment Managers. “Looking beyond this white noise, markets are now focusing again on the present situation, which is actually not too bad.”