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International equities have outperformed U.S. equities year-to-date in 2025

 


Observation: International equities have outperformed U.S. equities year-to-date in 2025. Elevated valuations at the start of the year, coupled with policy uncertainty stemming from tariff threats and political rhetoric, may have contributed to the underperformance of U.S. markets. In contrast, international markets such as China/Hong Kong and Singapore may present tactical opportunities with more favourable risk-reward profiles.


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