🔎 Global Markets Extend Their Lead Over the U.S.

Last week marked yet another period where international markets outpaced the United States.

We continue to highlight these historic breakouts because the evidence is mounting: the 15-year era of U.S. equity dominance may finally be coming to an end.

Just two weeks ago, we pointed to a key breakout in Spain’s $EWP on a dividend-adjusted basis. Last week, it pushed even higher—closing at fresh all-time highs.

Argentina’s $ARGT, a global standout since Javier Milei’s election and the wave of deregulation that followed, also notched new all-time highs.

It remains one of the most impressive leaders on the global stage.

Around the world, more and more markets are breaking out.

From Europe to Asia, Latin America to the Middle East—the strength is broadening.

The United Arab Emirates $UAE just joined the ranks, completing a breakout to all-time highs on a dividend-adjusted basis.

This week, our message remains consistent with what we've said all year:

International markets are full of opportunity—and they continue to lead.