Global Insights

Latest edition · August 28, 2026

Global Insights

Raymond James maintains an overweight stance on US equities, Japan, and EM Asia while remaining underweight on the Eurozone and the UK. A special spotlight examines Japan's equity outperformance driven by its tech weighting and corporate governance reforms despite severe yen weakness.

In the August 2026 edition of Global Insights, Raymond James outlines its preference for US equities over international developed equities, with an emphasis on Info Tech, Health Care, Industrials, and Consumer Discretionary. Internationally, Japan and EM Asia are favored over Europe and Latin America. The spotlight focuses on Japan's market divergence: while MSCI Japan surged ~21% YTD in USD terms due to its ~18% AI-leveraged tech exposure and corporate governance improvements, the yen suffered from persistent trade deficits, high sovereign leverage (237% of GDP), and negative real rates, prompting multiple interventions. Mid-year 2027 targets include an S&P 500 level of 8,200 and a 10-Year Treasury yield of 4.25–4.50%.

Key takeaways from the latest edition

• 1.Raymond James favors US equities over international developed equities, with preferences for Info Tech, Health Care, Industrials, and Consumer Discretionary.
• 2.Among international markets, Japan and Emerging Markets Asia are favored over the euro zone, the UK, and Latin America.
• 3.Japanese equities lead G7 markets YTD (+20.7% in USD terms) buoyed by an ~18% Tech weight and corporate governance reforms, despite negative real interest rates and heavy yen depreciation prompting three FX interventions.

What this series covers

• Our Views
• Regional Updates
• In the Spotlight
• Key Market Levels and Performance
• Investment Strategy

Edition archive

• Global Insights

  August 28, 2026

• Global Insights

  June 17, 2026

• Global Insights

  May 25, 2026