Dear all,
Global equities continued their gradual climb to new highs this month despite ongoing market volatility. Tariff developments also became clearer: aside from India, trade frictions in other negotiations have eased. Semiconductor tariffs passed without major disruption, while Federal Reserve Chair Jerome Powell struck a dovish tone at the Jackson Hole symposium. Against this backdrop, global markets rallied, with technology stocks posting the strongest gains.
In the US, all major indices advanced: the Dow Jones rose 4.5%, the Nasdaq 4.6%, the S&P 500 3.9%, and the Philadelphia Semiconductor Index 5.4%. Asian markets also broadly gained, led by China’s Shanghai Composite up 6.8%, Taiwan’s Taiex up 4.6%, and Japan’s Nikkei up 4.2%. In Southeast Asia, Vietnam’s market stood out with an impressive 11.9% surge. Overall, both global equities and bonds rallied this month, underscoring strong market momentum.
Two Major Anomalies in the Equity Rally
The two charts below clearly illustrate a significant divergence between overall fundamentals and market trends. Firstly, the proportion of industries with rising EPS in the US and globally has declined. In Europe, only about
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