New High List Expands

Emerging markets showing relative leadership as global trends improve

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Key Takeaway: The global equity trend environment is improving, supported by an expansion in the percentage of markets making new highs.

More Context: None of the ACWI markets made new lows on a 13-week or 52-week basis last week. Meanwhile, 5 of the 23 Developed Markets made new 13-week highs (4 of which were also 52-week highs). 10 of 24 Emerging Markets made new 13-week highs (6 of which were also 52-week highs). All together, net new 52-week highs last week were as high as they have been since November 2021. In the US, the percentage of industry groups making new 52-week highs reached a new cycle high.

Overall, our trend indicator for Developed Markets is off its low but remains well-shy of its early year peak. The trend indicator for Emerging Markets is just shy of its highest level since March 2022.