What a difference a quarter makes! After a spectacular 2023 and 2024 where the American exceptionalism was flexing muscles thanks to a uber powerful tech sector and mag7 rally, the first quarter of 2025 has brought an incredible low tide to US markets, where only 5 indices in the world listed in the comprehensive table below, have underperformed the S&P500. Interestingly, the three biggest US trade partners affected by tariffs (Mexico, Canada and China) imposed by the Trump administration, have performed significantly better than the US. European markets have outperformed the US as well, and today, the inflation report from Europe shows a manageable 2.2% increase in CPI. Is this just a valuation play or has the Nasdaq lost its Mojo? Can Europe and EM maintain those gains 9 more months? Can the U.S. implement some austerity measures to control the budget deficit without sinking the markets?
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