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GLOBAL MARKET CALL: The Fog Of War Is Lifting

Jun 21, 2026 3 min read

As we’ve flagged in recent weeks, an end to the conflict in the Middle East should see many foreign stock markets outperform the US. Lower oil prices reduce global inflationary pressures, give central banks room to ease policy, and tend to benefit oil-importing economies, particularly in emerging markets, more than the US, which exports oil. Last week’s tape delivered exactly that, with Asia leading the Go Global

Ed Yardeni
Toby Hearst

GLOBAL MARKETS CALL: 'Go Global' Getting Fried By Rising Fed Rate Hike Expectations

Jun 7, 2026 4 min read paid

Hot US data are pulling capital flows back home. The US share of the All Country World (ACW) MSCI is at 63.7%, well off the early-2025 peak of 67.4% but firming again. Europe’s share has slipped to 13.8% and Japan’s to 5.0% (chart). Emerging Markets’ share, at 12.3%, is near its cycle high. The ratio of the US MSCI to the ACW

Ed Yardeni
Toby Hearst

GLOBAL MARKET CALL: 'Go Global' Should Outperform When Strait Reopens

May 31, 2026 4 min read paid

Our call to Go Global rather than Stay Home has paid off so far this year, despite the latest war in the Middle East, which boosted Stay Home, especially in March. However, Go Global was mostly driven by the AI trade in South Korea and Taiwan. The Emerging Markets MSCI ETF (EEM) is up 25.4% ytd against 10.9% for the S&P 500. Moreover, we recommended staying

Ed Yardeni
Toby Hearst

GLOBAL MARKET CALL: US-Iran Deal Would Boost Go Global Investment Strategy

May 25, 2026 5 min read paid

On Sunday night, Reuters reported that oil prices slipped to a two-week low as US-Iran talks seemed to be moving closer to a peace deal. Then again, the news service also reported that President Donald Trump is in no rush to make a deal and that the US will continue to blockade Iran. If so, then Iran will continue to blockade the Strait of Hormuz. Nevertheless, Japan'

Ed Yardeni
Toby Hearst

Time To Sell America?

Jan 26, 2026 4 min read paid

The financial press was flooded with "American Exceptionalism" narratives throughout 2023 and 2024, and into early 2025. The April 15, 2024 cover story of The Economist was titled, "Riding High: The lessons of American exceptionalism." On May 25, 2024, the cover story of The Economist was "The almighty dollar." It focused on the dollar's enduring global dominance. The "Sell America"

Ed Yardeni

Will Emerging Markets Outperform Again In 2026?

Dec 31, 2025 3 min read paid

The Emerging Markets (EM) MSCI stock price index may outperform both the US MSCI stock price index and the Developed Countries ex-US MSCI stock price index in 2026. It outperformed the former in 2025 but underperformed the latter and many of its constituents. The broader EM outperformance we expect in 2026 might last for a few years. That's because advanced economies have, on average, stagnated in both

Ed Yardeni

MARKET CALL: Rebalancing Domestic & Global Stock Portfolios In 2026

Dec 7, 2025 4 min read paid

It no longer makes much sense for us to continue recommending overweighting the Information Technology and Communication Services sectors in an S&P 500 portfolio, as we have since 2015. The same can be said about overweighting the United States in the All Country World (ACW) MSCI portfolio, as we have been since 2010. Consider the following: (1) Rebalancing S&P 500 portfolio. The problem is that the

Ed Yardeni

Will Next Year Be Another Good Year To Go Global?

Oct 13, 2025 4 min read paid

Go Global has outperformed Stay Home so far this year. Based on FTSE data, the US stock market index (up 11.8% ytd) has underperformed the World index (13.4%) so far this year in local currency (chart). Its underperformance has been worse in US dollar terms since the greenback has been weak this year. Among the outperformers this year, in local currency, have been South Korea (56.0%), Spain

Ed Yardeni
David Yardeni

Investing In The World

Sep 22, 2025 3 min read

It's a big world with lots of investment opportunities. We continue to favor the United States, but it's hard to overweight the US when it already accounts for 64.7% of the market capitalization of the All Country World (ACW) MSCI (chart). That's up from a low of 42.0% in late 2009. We can also observe the outperformance of the US by tracking

Ed Yardeni
David Yardeni

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