tadamichi/iStock via Getty Images Here's the thing about volatile markets: when things are getting hit, you look at home first. It's reflexive. Your newsfeed is dialed to the S&P, CNBC's on in the background, the watchlist on your phone (fine, your watch) is 80% U.S. tickers. That's where the bleeding is; that's where your attention goes. But now? The smoke has cleared - not actually, or entirely ...
tadamichi/iStock via Getty Images Here's the thing about volatile markets: when things are getting hit, you look at home first. It's reflexive. Your newsfeed is dialed to the S&P, CNBC's on in the background, the watchlist on your phone (fine, your watch) is 80% U.S. tickers. That's where the bleeding is; that's where your attention goes. But now? The smoke has cleared - not actually, or entirely yet, in the Middle East, but enough. The tape has ripped far enough off the lows that it's worth lifting your head up and poking around. Who else rallied? Who won, who lost, who got left behind? Our minds somehow went right to the MEGA trade, which seemingly every sell-side strategist was pitching this time last year. We honestly lost track of that narrative. Is it back? Did it leave? So has this just been another Nasdaq-led, AI-fueled U.S. victory lap? Or is the MEGA trade kicking in to? Who's winning? [Checks notes] Neither!?! What?! It wasn't the U.S. It wasn't Europe. It was emerging markets (EM). The asset class allocators have been treating like the proverbial stepchild for the better part of five years. But read 'em and weep: Since the March 30 bottom through May 6: • Emerging Markets ( EEM ): +19.45% • U.S. total market ( VTI ): +14.54% • Europe & Foreign (EAFE): +8.47% EM leading wasn't on our bingo card. So we started digging. First question: What the heck happened to MEGA? The MEGA Setup Rewind to early 2025. From roughly January through April, "Make Europe Great Again" was the trade. Every macro podcast had the obligatory "Is this Europe's moment?" episode. Every sell-side desk had a slide deck with the German flag on the cover. The case wasn't dumb: Germany broke its own fiscal rules. In March 2025, incoming Chancellor Merz pushed through changes to the country's constitutional debt brake, unlocking a 500 billion euro ($544 billion) borrowing-financed fund for infrastructure over 12 years, plus exempting defense and security spending above 1% of GDP from the de...
SMIC’s plan to buy out chip unit approved Semiconductor Manufacturing International Corp. (SMIC), China’s largest contract chipmaker, announced on Monday that its plan to purchase the remaining 49% stake in its Beijing subsidiary, Semiconductor Manufacturing North China (Beijing) Corp., for 40.6 billion yuan ($5.9 billion) through a share issuance has been approved. The buyers include the China In...
SMIC’s plan to buy out chip unit approved Semiconductor Manufacturing International Corp. (SMIC), China’s largest contract chipmaker, announced on Monday that its plan to purchase the remaining 49% stake in its Beijing subsidiary, Semiconductor Manufacturing North China (Beijing) Corp., for 40.6 billion yuan ($5.9 billion) through a share issuance has been approved. The buyers include the China Integrated Circuit Industry Investment Fund, known as the “Big Fund,” as well as investment vehicles backed by the Beijing government.
(RTTNews) - Santos (STO.AX) has announced a final investment decision to proceed with the Agogo Production Facility Tie-In Project in Papua New Guinea, following approval by the PNG LNG joint venture. Santos' share of capital expenditure is approximately $160 million. First gas i
(RTTNews) - Santos (STO.AX) has announced a final investment decision to proceed with the Agogo Production Facility Tie-In Project in Papua New Guinea, following approval by the PNG LNG joint venture. Santos' share of capital expenditure is approximately $160 million. First gas i
Hims & Hers Earnings Preview: The Novo Nordisk Shift Puts GLP-1 Strategy in FocusHims & Hers Health (NYSE:HIMS) reported first-quarter 2026 revenue growth and raised its full-year revenue outlook, while executives said a strategic shift in the company’s weight-loss business is cr
Hims & Hers Earnings Preview: The Novo Nordisk Shift Puts GLP-1 Strategy in FocusHims & Hers Health (NYSE:HIMS) reported first-quarter 2026 revenue growth and raised its full-year revenue outlook, while executives said a strategic shift in the company’s weight-loss business is cr
Global equities have rallied to record levels, fuelled by euphoria over artificial intelligence. Investors' risk appetite has held up despite volatility in energy markets caused by the war in Iran. Bloomberg Markets Live Executive Editor Mark Cudmore and Bloomberg TV Markets Producer Anthony Stephens discuss. (Source: Bloomberg)
Global equities have rallied to record levels, fuelled by euphoria over artificial intelligence. Investors' risk appetite has held up despite volatility in energy markets caused by the war in Iran. Bloomberg Markets Live Executive Editor Mark Cudmore and Bloomberg TV Markets Producer Anthony Stephens discuss. (Source: Bloomberg)