Author: Retz Reeves

“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…

Although evolving tariffs and political instability created volatility in international equity markets during October, 2025, the MSCI relevant index eked out a 2.04% gain for the month, and 29.22% year-to-date. (January 1, 2025-October 31, 2025.) Their US index was up 2.38% for the month and 17.7% year-to-date.The MSCI Developed Market (DM) World ex USA Standard Index was up 1.09% for October. The developed European index returned only .76%. There was great dispersion among the Nordic components with Norway and Denmark down 4.29% and 3.26%, respectively; and Finland up 7.73%. Buoyed by tech stock demand, a weakening yen and stimulus expectations,…

Bargain hunting, diversification and opportunity continued to drive interest in international equity markets in the third quarter of 2025. The MSCI ACWI ex USA index was up 7.03% for the quarter and 26.64% for the year through the third quarter (year-to-date). MSCI’s relevant US index was up 8.12% and 14.97% year-to-date.Among developed markets, the Far East did especially well in the third quarter. Investors appreciated improved corporate governance and moderate inflation data in Japan, which is the index’s largest market. The best performing market, however, was Hong Kong, which hosted a surge of mainland China IPOs. MSCI’s developed Far East…

In aggregate, international markets continued to chug along in August. The indicative MSCI index was up 3.54% for the month and up over 22.19% year-to-date. This performance exceeded that of their relevant U.S. index, which was up 1.9% for the month and 9.66% year-to-date.Most regional indices also were in positive territory for the month, but constituent country performance varied widely. MSCI’s developed Europe index was up 3.45% for the month, but Denmark, led by Novo Nordisk, jumped 7.38%. In Ireland, where consumer sentiment remains lackluster, the equity market was up only 1.06%. The developed North American index was up 2.11%, but…

In aggregate, international markets seemed to quiet in July – The MSCI All Country World Index (ACWI) ex USA* was down 0.26%, as investors waited to see how high and on what countries and goods the US would impose tariffs. Year-to-date the index is still up 18.01%.The MSCI Developed Market Europe Index was down 1.77% with seven of its top ten stocks in negative territory for the month. The worst of those, Novo Nordisk, was down over 30% due to concerns over its loss of GLP-1 market share. The Europe Emerging Market (EM) index; however, was up 3.1% – led by Greece, Hungary and…

Global equity markets experienced severance turbulence the first half of 2025 as investors digested the potential impact of tariffs announced on “Liberation Day”, the ongoing Russian incursion in the Ukraine and the first-ever direct conflict between Israel and Iran.  As the second quarter progressed, however, some tariffs were delayed and some deals were made with countries such as China and the UK. Toward the end of June, Iran and Israel confirmed a cease fire – albeit a seemingly tenuous one. The S&P, which fell over 19% in April, rebounded and reached new highs, as did the Nasdaq.In aggregate, international equity markets…