Chart of the Week - New High in New Highs
No that’s not a typo, we are literally seeing a new high in new highs.
(47 countries just chalked up new highs)
The chart below tracks the weekly count of the 70 countries we track that have closed at their highest point over the trailing 52-week window.
The latest reading is the highest on record, and is comfortably higher than any reading we’ve seen in the post-2008 era.
This is highly significant because the last time we got close to this number (46) was back during the early-2000’s global equity bull market where commodities were booming, emerging markets were making transformative progress, and global stocks were outperforming their US counterparts.
So I would say this latest reading bodes particularly well for global vs US rotation.
Indeed, probably the biggest development of 2025 was the revival of global stocks and inflection point in global vs US relative performance.
And this chart is likely to go down as a harbinger of follow-through on this key theme (bullish global equities and global vs US) as we kick into what is already looking like a very interesting year for macro and markets.
Key point: Global equities are booming (seeing a surge in new highs).
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