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The Magnificent Seven is down 16% from its peak in December, and China's Tech 8 has broken to new multiyear highs. The gap between the two groups' longer-term performance charts is still extremely wide but this year's difference has been extraordinary.

U.S. stocks are in poor position to weather trade war, in part because of their high beta status in the globe. Performance since Feb 18 for markets ranked by beta below. Note, Trump targets are all outperforming the U.S. so far.

The yield curve is flirting with inversion again, telling stocks to de-risk.

After two weeks of significant underperformance vs the globe, the U.S. is still one of the most expensive stock markets in the world by any measure, and the only market still trading at P/E over 20x.

1Q25 is the best quarter since 1Q20 for international stocks with the least dependence on US revenue compared to their highly US-dependent peers. Fears of US recession coupled with tariff uncertainty are dragging down stocks with high exposure to the U.S.

Global technology remains weak across all major markets, underperforming global equities at large by 435 bps in and 949 bps year to date -- the worst rolling three months of underperformance since August 2004. Not a single market's tech sector gained in March.

US multinationals, arguably the biggest driver and beneficiary of globalization, may suffer most as tariffs spark trade turmoil and threaten margin domination of American companies. White House tariffs may only be the start, as retaliations further strain global supply chains.

To illustrate just how nonsensically these tariffs were calculated, take the example of Lesotho, one of the poorest countries in Africa with just $2.4 billion in annual GDP, which is being struck with a 50% tariff rate under the Trump plan, the highest rate among all countries on

This is truly amazing. The Deputy White House Press Secretary is claiming that I'm wrong, and that the "tariff rates" on Trump's chart were calculated by "literally" measuring every country's tariffs and non-tariff trade barriers. To prove it, he screenshots the formula the USTR

Wanna hear how Republicans talked about tariffs before Trump castrated all of them?

Episode Title🇺🇸High Stakes: The Poker Game of Global Markets & Economic Power🇺🇸 💵 ℙ𝕠𝕨𝕖𝕣𝕗𝕦𝕝 𝕎𝕠𝕞𝕖𝕟 𝕚𝕟 𝕎𝕒𝕝𝕝𝕤𝕥𝕣𝕖𝕖𝕥 & 𝕄𝕠𝕟𝕖𝕪💵series #HeadsTalk Gina Martin Adams Chief Equity Strategist Bloomberg Bloomberg Bloomberg Markets Bloomberg Economics podcasts.apple.com/gb/podcast/hea…

FYI, we are hosting an ETF/macro event in Denver tmrw (Thur) at 230pm feat presentations from Gina Martin Adams and myself and a panel with Janus, Schwab and ALPS. Agenda below. Register here: go.bloomberg.com/attend/invite/…

EM equities jumped out front last week as this year’s dominance by developed markets ex-US took a breather.

Nifty Fifty is back! Effective membership of the S&P 500 is just 52 stocks now. Amazing.

Stocks aren’t all about AI anymore - even the post-Liberation Day bounce has been led by other themes. Defense and nuclear still have the strongest year-to-date returns across all 33 of our global themes.

US stocks still trying to climb out of the basement on YTD basis, up just under 2%.

We’re thrilled to welcome Anna Wong, Chief US Economist at Bloomberg Economics, to this year’s BCA conference. Anna brings a wealth of macro and policy experience, with prior roles at the Fed, the White House CEA, and the US Treasury. Expect sharp views on growth,

As the valuation gap between US stocks and the rest of the world widens again, pockets of opportunity can still be found abroad. The S&P 500 now trades at a 55% forward P/E premium to the Bloomberg Global ex-US Index, more than double the roughly 25% median from 2015-19.

Sign up to join us for the global equity market outlook next week! bloomberg.zoom.us/webinar/regist…

Mag-7 is so last year. Here are 27 global stocks with better profitability, earnings growth and valuations than the Mag-7.