European Union
13/05/2024

Q1 2024 Global Markets Review & Outlook

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

The good-to-great year we anticipated started strong for global equities. Emerging markets (EM) lagged developed markets but also participated in the first quarter’s positive start. Within global equities, Tech and the Tech-like portions of Communication Services led all other sectors, though some more cyclical, value-oriented categories also outperformed, including Financials and Energy— highlighting this bull market’s underappreciated breadth.

  • A Resilient New Bull Market: Young bull markets are stunningly hard to derail. Those that reach one year old almost always reach two.
  • Improving Sentiment: While sentiment has perked amid improving economic conditions, many remain skeptical—providing ample room for upside surprise and big gains in the new year.
  • Politics is a Tailwind in 2024: Since 1925, US equities ended positive in 83.3% of presidential election years. Globally, political uncertainty likely fades throughout the year further reducing investor anxiety.

Investing in financial 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. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.


Fisher Investments Ireland Limited, trading as Fisher Investments Europe, is authorised and regulated by the Central Bank of Ireland (CBI), and is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). Fisher Investments Europe delegates portfolio management to its parent company, FI.