Author: Retz Reeves

Despite the continued overhang of war and tariffs, equity markets marched on. The MSCI ACWI (All Country World Index) ex USA returned 2.59% for the month and 17.39% year-to-date (January 1-August 31, 2026). The MSCI US Index was up 2.76% for the month and 13.04% year-to-date.MSCI’s International Developed Market Index was up 2.21% for August. The MSCI Developed European Index was up 1.44% in August. Albeit small, Ireland was up by 9.1%, led by good performance of AIB bank. UK, the largest component of the index, was only up .74%. Some mining and tech companies did well, but there was rotation…

Despite ongoing Middle East conflicts, a pullback in AI stocks and fears of stubborn inflation, the MSCI ACWI (All Country World Index) ex USA Index returned a positive .37% for the month of July, 2026 and 14.43% year-to- date (January 1, – July 31, 2926). The representative MSCI USA index was down .06% for July and up 10.01% year-to-date. The relevant developed international MSCI index was up 2.08% for July. The European regional index returning a positive 1.62%, albeit with great dispersion among its members. Led down by the lithography systems maker ASML, the Netherlands fell 9.44%. Nokia, the largest…

(A great quarter, too!) Against a backdrop of geopolitical de-escalation, international equity markets in aggregate experienced a great 2026 2nd quarter. The Morgan Stanley ACWI (All Country World Index) ex USA for that period was up 14.69%. Although most major regions were in positive territory, AI related stocks pushed the AC Asia up index up 23.31%. Particularly notable were technology heavy indices – Korea, up 87.62% and Taiwan, up 48.95%. On the other hand, eroding of investor trust pushed the Indonesian index down 25.72%. Higher than expected consumer inflation and lower investor confidence were credited for the drop in the…

Apparent progress in US-Iran peace talks and concomitant lower expectations for oil prices and inflation led to good performance for equity markets globally in May, 2026. The Morgan Stanley ACWI (All Country World Index) ex USA was up 5.11% for the month and 14.65% year-to-date (January 2, 2026 to May 29, 2026). Their corresponding US index was up 5.27% for the month and 11.06% year-to-date. The MSCI ex US developed market index was 2.91% for the month, with all regions in positive territory. The European index was up 2.79% despite the UK, buffeted by political uncertainty and economic weakness, returning…

Despite the uncertainty surrounding the impact of the Iran war, international markets rallied toward the end of April, 2026. The MSCI Standard All Country World Index (ACWI) ex USA  (Gross) index returned 9.73% for the month and 9.07% return year-to-date (January 2, 2026 to April 30, 2026). The MSCI US index returned 10.5% and 5.5%, respectively.MSCI’s relevant developed market index was up 7.49% for the month. Neuberger Berman credit’s “Sanaenomics” promoted by Prime Minister Takaichi’s for driving interest in Japan’s equity market, which was up 9.15% for the month. According to Neuberger, Takaichi is calling for “strategic investment in key industries, fiscal…

“Three Steps Back”Lauretta “Retz” Ann Reeves, CFA AWMAIntensified fighting in the Middle East and restrictions on traffic through the Strait of Hormuz and a jump in oil prices in March, 2026, led to sharp corrections in Equity Markets around the world. Even with hope of a quick resolution to the war and a late month rally, the MSCI Standard All-Country ex-USA Index fell 10.71% for the month, which led to a -.6% return year-to-date (January 2, 2026 to March 31, 2026). The MSCI US representative index fell 4.9% for the month and 4.52% year to date. All developed market regions suffered…

In aggregate, international equity markets continued their run in February of 2026. The MSCI Standard All-Country Ex USA was up 5.04% for the month and 11.33% year-to-date. MSCI’s representative US market was down .88% for the month and only up .40% year-to-date (January 2, 2026 to February 27, 2026). The MSCI developed international index was up 4.82% for February. The constituent European index was up 3.29%. With the exception of Austria, Ireland and Denmark, most major country indices were in positive territory.   Denmark returned a negative 18.57%, weighed down by the performance of Novo Nordisk.  Norway, the best performing…

Despite threats of tariffs and saber-rattling over Greenland, international equities continued their run in January. In US dollars, MSCI’s ACWI-EX US index was up 5.99% in January, continuing to outperform its US representative index, which returned 1.29%. Some of the good returns in international indices were due to the fall in the US dollar, which reached a four- year low late in the month. All major developed market indices were in positive territory for the month. Improved economic outlook and strong corporate earnings, especially among technology companies, were credited for the rise in the developed MSCI Europe index of 4.46%. ASML, a…

If one stayed the course, 2025 was a great year for international investing, the MSCI relevant index1 was up 33.11% versus a 17.75% return for their US index. Among developed markets, Europe stood out with a 36.25% return for the year, although there was a great deal of variation among the markets.  Denmark was the only country in negative territory; weighed down by Novo Nordisk, its index return was -12.88%. On the other hand,  Spain’s index, heavily weighted by banks, was up 83.57%. Investors also appreciated the country’s  strong economic fundamentals and lower tariff exposure.  Generally, European financials, industrials and healthcare…

The performance of international equity markets was volatile and varied for November of 2025.  Concern over the future and valuation of AI stocks led to downward pressure early in the month. With the prospect of easier monetary policy in certain regions later in the month, MSCI’s aggregate standard international index clawed back most of its losses.  For November it was down -.01% and year-to-date (January 1st to November 30, inclusive) it returned a positive 29.21%. The US counterpart was up .03% for the month and 17.74% year-to-date. MSCI’s developed Europe index was up 1.49% in November. A strong performer for most of…