US stocks underperform rest of world by widest margin since 1993

Contributing sentiments towards policy:

48% : "A large part of this underperformance is the repricing of US assets due to increased policy uncertainty and the stagflationary shock from tariffs," said Sameer Goel, head of emerging markets and Apac research at Deutsche Bank.
46% : The MSCI all world ex-US benchmark climbed 4 per cent in dollar terms over the same period, the biggest gap with Wall Street since 1993, when US investor enthusiasm for foreign stocks surged on the back of trade liberalisation and concerns over the domestic economy.
30% : Although it has since recouped much of those losses as Trump reversed or delayed some of his tariffs, it continues to lag far behind global rivals such as Hong Kong's Hang Seng or the Stoxx Europe 600.

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