Global Weekly Kickstart

Global equities were flat as geopolitical uncertainty weighed on markets, though Momentum and Japan's 'HALO' sectors provided areas of outperformance.

Key Takeaways

• 1.Global equities remained flat over the week, with Emerging Markets (EM) underperforming Developed Markets (DM) due to persistent geopolitical uncertainty.
• 2.There is a notable rotation in Japan toward 'HALO' (Heavy Assets, Low Obsolescence) stocks, which are outperforming asset-light counterparts due to AI disruption risks and supply chain realignment.
• 3.Momentum continues to be the dominant style factor, supported by strong performance in Energy and Technology sectors and positive earnings revisions.

Table of Contents

• Macro data this week
• The HALO (Heavy Assets, Low Obsolescence) effect in Japan
• The week at a glance — Global markets and indices
• Forecasts
• Risk and Sentiment indicators
• Performance - Local indices
• Sector performance across regions - Weekly
• Sector performance across regions - YTD
• Earnings & Contribution
• Earnings revisions
• Valuation
• Style performance
• Style valuation
• Sector weights, geographical exposure and concentration
• Cross-asset performance and correlation
• Flows from Global investors into equity funds
• Emerging Markets vs. Developed Markets
• Vol, skew and dividends

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