Global Equities Snapshot

As a reminder, the goal of these reports is to hone in on and provide a "snapshot" of a specific area of the economy/markets.

A list of previous snapshots can be found at the bottom of this note.

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1. Relative valuations. "Non-U.S. markets came out of the Great Financial Crisis trading at slight premiums to the U.S., but over the course of a truly brutal 15 years for international investing, these discounts have widened to 40% and 45% for International Developed and Emerging Markets, respectively."

2. Global earnings growth. "We can see in recent weeks that the ex-US estimates have been rising at the same time that US earnings growth estimates have peaked on a rate-of-change basis."

3. EPS momentum. Year 2 EPS momentum in Europe and Japan is stronger than in the US.

4. Global stocks vs. US. "If international equities are going to step up and hold their leadership position this year, these indexes need to break higher."

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