The ‘Ex-America’ trade is off to a roaring start in 2026

From Quartz.

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Global stocks have outperformed the U.S. by about nine percentage points so far this year, a shift that matters for investors monitoring concentration risk.
The so-called Ex-America trade features the S&P 500 down roughly 0.5% while the MSCI EAFE and MSCI ACWI ex U.S. indexes are up around 8–8.5%, according to Goldman Sachs. U.S. dollar weakness has contributed only modestly, with the currency down about 1% year to date and roughly 9% year over year.
Context includes recent U.S. leadership by Big Tech and the Magnificent 7, mixed long-run rankings, and current volatility from trade uncertainty, tariffs, and geopolitical strain. Ongoing shifts in trade and local production may broaden gains, highlighting reassessment of U.S. concentration risk. #globalstocks #examerica #usunderperformance #markettrends #stockmarket2026

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