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Investment Weekly

The end of US exceptionalism?
17 April 2025
    Articles

    Chart of the week – The end of US exceptionalism?

    Chart of the week – The end of US exceptionalism?

    Are we at the end of US exceptionalism? Many investors are asking this question. This week, even Jamie Dimon has been thinking the same. A big part of the story is gravity. A number of indicators pointed to a US market topping process at the end of last year, not least, the US reaching an all-time high weight in global stock markets. Add in the ultra-high policy uncertainty, even after the recent tariff de-escalation. Plus, the weaker economic confidence data. It’s been more reminiscent of a crisis-struck emerging market, not investors’ favourite haven.

    More from this week:

    Market Spotlight

    • China as a tech leader

    Lens on…

    • Where’s the hedge?
    • A broken relationship
    • India as a safe harbour

    Download the full report PDF, 558KB

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