CNBC
- JPMorgan's global head of quantitative and derivatives strategy, Marko Kolanovic, notes that US equities are dominating their European and Asian counterparts to an "unprecedented" degree.
- Kolanovic lays out two paths forward for the US market, neither of which bodes particularly well for it - at least relative to the international peers it's so thoroughly dominated.
US stocks are dominating their peers in Europe and Asia to an "unprecedented" degree, JPMorgan says. But the firm warns that's an unsustainable situation.
To best understand just how rare the ongoing divergence is, consider that momentum for US and European stock prices have gone in different directions just twice in the past 20 years. As it stands right now - and as the chart below reflects - when Europe is combined with Asia, the momentum split is the widest it's ever been.
JPMorgan QDS
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