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Q2 2021 Global Markets Review & 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.

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.