The writer is chief market strategist for Europe, Middle East and Africa at JPMorgan Asset Management
Ongoing American exceptionalism, as it is often termed, appears to have garnered strong consensus among clients, and understandably so. The US economy and markets have had an extraordinary run over the past decade.
Since 2010, the total return on the S&P 500 has been 590 per cent, far outpacing the 150 per cent delivered by MSCI Europe or the 120 per cent from the FTSE 100. And that outperformance has not been limited to the equity market. Higher interest rates on bonds have also served to attract capital from savers in regions mired by low or even negative interest rates.
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