European Markets Outperform US Equities Amid Global Rally
Global equities have shrugged off political noise, with the MSCI All Country World Index hitting record highs despite US market underperformance. European markets are leading the charge—Greece's benchmark has surged nearly 60% year-to-date, powered by resurgent banks and tourism revenues. Poland and the Czech Republic follow closely with 56% and 52% gains respectively.
"Greece's recovery isn't accidental—it's structural," notes Gabriel Sacks of Aberdeen, citing fiscal surpluses and early bailout repayments. Fidelity's George Efstathopoulos highlights Greek banks as ongoing catalysts. Eight of the world's top ten performing markets now reside in Europe, marking a stark divergence from the S&P 500's modest 7% advance.