Global Equities: Looking Beyond the AI Trade

Strong performance outside the U.S. suggests investors may be underestimating the breadth of global earnings growth beyond the dominant AI narrative.

• Non-U.S. equities have kept pace with U.S. markets in 2026 while maintaining a valuation advantage.
• Emerging-market earnings are projected to grow roughly 16% over three to five years, although almost 60% depends on AI-linked capex and semiconductor demand.
• Eurozone earnings are supported by domestic resilience, defense and infrastructure spending, while Japan benefits from financials, automation, wage growth and corporate reform.

Explore the full report for the regional earnings drivers and portfolio implications.