GLOBAL MARKET CALL: AI Trade Depresses EM Trade

The Go Global trade we’ve recommended since late last year continues to perform well, but leadership among global stock markets rotated this week as Europe took the baton from Asia.

Germany, the UK, France, and Sweden led the European country ETF derby. South Korea gave back 8.7% in a sharp bout of profit-taking in semiconductor stocks. This is simply an overdue correction after Korea’s parabolic run, nothing worse. The AI capex boom that underpins the Korea and Taiwan bull markets remains intact.