Abby Joseph Cohen often liked to say US market is the only game in town.
Today, per Bloomberg:
https://www.bnnbloomberg.ca/sputtering- ... -1.1966440
Sputtering Europe and Jittery China Add Bull Case for US Stocks
Stagflation risks mount in Europe, China in deflation
US stocks set to beat Europe for eighth time in last decade
Europe’s stagflation crisis and a property downturn in China are flashing a familiar message:
for equity investors, there is no real alternative to the US stock market.
With four months left of 2023, returns on the S&P 500 boast about an eight percentage-point lead over the Stoxx Europe 600.
The index is on course for its eighth year of outperformance in the past decade, as the artificial intelligence buzz overshadows economic
recession fears and pricey valuations.
What's more, the Federal Reserve's policy-tightening has cooled inflation while managing to keep the economy growing at just over 2%
Data Friday reinforced that soft-landing picture, showing a pick up in labor hiring and a slight slowdown in wage growth.
“US stocks are the place to be,” said Max Kettner, chief multi-asset strategist at HSBC Holdings Plc, who recommends using any S&P 500 pullback to buy.