Global Equity Market Arithmetic

Quantitative momentum strategies have faced significant losses as stocks that underperformed over the past 12 months experienced a strong rally, particularly in the US and Japan. The correction has been exacerbated by high volatility and sector-specific drawdowns in areas like AI-related software and semiconductors.

Key Takeaways

• 1.Momentum strategies experienced a significant pullback as laggard stocks bounced back, particularly in the US and Japan.
• 2.The unwind was driven by a reversal in stock-specific momentum, affecting AI-linked sectors like Software and Semiconductors.

Table of Contents

• Market performance (%)
• North America
• Japan
• Pacific ex Japan
• Europe
• UK
• France
• Germany
• Factor performance (%, SG Indices)
• Sector performance* (%, in USD)
• Global sector performance 1W/1M (USD)
• Global sector performance YTD (USD)
• Market P/E ratio aggregates
• Year-to-date change in 2026 growth rate (in % points)
• 2026 bottom-up consensus growth rates by region (%)
• Sector P/E ratio aggregates
• Global 2027 sector P/E ratios
• Sector EPS Growth aggregates
• Global 2026 EPS growth expectations (%)
• Global 2027 EPS growth expectations (%)
• Country P/E ratio & EPS Growth aggregates
• Regional EPS momentum
• Percentage of US non-financial companies seeing historical sales higher than previous year
• Percentage of US non-financial companies seeing historical net income higher than previous year
• Percentage of US non-financial companies seeing historical net income margins higher than previous year
• Regional earnings consensus changes
• Global sector earnings consensus changes
• US earnings consensus changes
• Europe earnings consensus changes
• Japan earnings consensus changes
• US consensus quarterly earnings
• Monthly factor performance across regions
• Year-to-date factor performance across regions
• Europe Factor performance across periods
• US Factor performance across periods

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