US stock market dominance is fading:
The US' share of global market capitalization has declined ~3.5 percentage points over the last 2 months, to 47.5%, the lowest since Q2 2024.
This marks the largest drop since the 2022 bear market.
Previously such a sharp decline was seen during the 2008 Financial Crisis.
This comes as the S&P 500 is underperforming world stocks by the widest margin in almost 40 years this quarter, according to Bloomberg.
The index is down -3.5% year-to-date while the MSCI World Ex USA index is up +9.3%.
Will this momentum continue?
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