Q2 2021 Global Markets Review and Outlook

Inside, you will find a summary of market activity and our market outlook.

Global equities enjoyed another good quarter rising 7.4% and seem on course for robust full-year returns. Much in line with our expectations, growth outperformed value in Q2, displaying characteristics typical of a late stage bull market.

  • Expect an Above-Average Year for Global Equities: After a solid first half of 2021, global markets are on track for a strong year tied to equities’ resilience, political clarity and continued vaccine development and distribution.
  • We Believe We are Late in the Market Cycle: The 2020 downturn behaved more like an outsized correction than a traditional bear so the market cycle did not reset. The vast majority of our sentiment and market indicators point to this being a late cycle bull market, yet many forecasters expect early-cycle leadership.
  • Investor Sentiment is Elevated but not Euphoric and can Remain High for a Long Time: Positive sentiment can reign for a while before equities reach a euphoric peak, with strong returns along the way. Monitoring sentiment will be key for investors in 2021.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.

Investing in stock markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance.


About Fisher Investments Europe

Fisher Investments Europe was established in London, England in 2000. Fisher Investments Europe offers the portfolio management services of its parent company, Fisher Investments, an independent money management firm in the US founded in 1979 by investment guru Ken Fisher. Today, Fisher Investments and its affiliates oversee more than £136 billion* in assets for over 68,000 private clients and 150 institutional clients globally.* Founder Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 to 2017, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 30/06/2021)