Global stock markets are maintaining strong momentum, with 94% of MSCI ACWI markets trading above their 200-day moving averages, marking a near five-year high. Investor confidence is on the rise, as indicated by the fear and greed index, with 87% of countries above their 50-day averages, the highest level since July 2025. The ACWI index, which includes 47 markets, has seen a 21.6% increase year-to-date. Markets outside the U.S. have notably outperformed the S&P 500 by 12 percentage points, marking the largest performance gap since 2009. This trend highlights a significant global shift towards equity investments, as investors seek opportunities beyond the U.S. market.