Global Stocks Jump To A New Record High

Rotation out of U.S. markets has fueled a boom in international equities

Highlights

• Rotation out of U.S. markets has fueled a boom in international equities

• China continues to play hardball in trade negotiations

• Treasuries look attractive at current yields

• Bank of Canada expected to pause today — a likely mistake

Key Takeaways

• International Equities Win From Diversification Push: Global stocks hit a new record high overnight, with the MSCI All Country World Index taking out its prior February peak. It has been the rotation into ex.-U.S. markets that has driven the move, with the group outperforming the U.S. by +11 percentage points, as investors diversify abroad thanks to continued elevated levels of trade tensions.