Author: Retz Reeves

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…

May 2025Despite the uncertainty created by proposed tariffs and continuing regional wars, international markets in aggregate generated positive returns for May, 2025. As viewed on June 1st, the Gross MSCI Standard ACWI ex USA index returned 4.69% for May and 14.37% year-to-date. Their comparable US index was up 6.45% for May but still significantly lags its international counterpart year-to-date.MSCI’s Emerging Market Index was up 4.31%. All regional indices yielded positive returns except for those representing EM GCC  (Gulf Cooperation Council) countries. As they are oil-exporting countries, GCCs are sensitive to changes in oil prices.Most developed market regions were in positive territory as well.…

Searching for value, growth and diversification, investors continued to push up international equities in April, 2025. As viewed on May 1st, the MSCI ACWI ex US index was up 4.55% for the month, while the comparable US index was down 0.51%.Uncertainty over the impact of evolving tariffs on inflation and consumer spending fomented disquiet in US equities. This was reinforced when several companies, such as GM, UPS and Heinz, changed or dropped 2025 earnings guidance. Adding insult to injury, The Bureau of Economic Analysis released data indicating that GDP declined 0.3% in the first quarter – the first decline in…

In aggregate, international equity markets continued to outperform in March as some investors, concerned about tariffs, inflation and economic slowdowns, rolled out of expensive US stocks into foreign stocks with better valuations. For the full quarter, the MSCI ACWI-EX US market outperformed the US equivalent by almost 1000 basis points.Driven by valuation and opportunity, investors turned to Europe in the first quarter of 2025. While concerns about the US economy abounded, Germany announced a €500 billion spending plan that is expected to stimulate growth in the region. According to Garth Friesen of Forbes, defensive, financial and infrastructure stocks attracted the…

Sector rotation was one reason credited for MSCI’s standard aggregate international equity index eking out a small gain in February and narrowly outperforming its U.S. counterpart, which has a high exposure to tech. There was, however, a wide variance in performance between and within regions. For instance, the developed European index was up 3.69% – with Ireland up over 12% and the Netherlands, which has a 36% weight in ASML, in negative territory. The developed Pacific index was down over 1% for the month with HK and Singapore in positive territory and Japan down slightly and New Zealand, significantly.  In…