根据贝莱德（BlackRock）的观点，有两个市场尤其值得投资者投入资金。
"The east rises and the west sets"? Uncertainty in trade and a bleak economic outlook make investors skeptical; rather than waiting for U.S. stocks to rebound, it is better to focus on overseas opportunities...
As the narrative around the USA's exceptionalism fades this year, the markets in Japan and China may become the refuge for investors seeking returns.
Amidst trade uncertainties and a bleak economic outlook, the USA market has been turbulent in 2025. The recent stock market pullback has sparked discussions: for investors, looking overseas may be wiser than pinning hopes on a recovery in the US stock market. After years of underperformance, international stocks have suddenly become the focus, outperforming their US counterparts.
According to Blackrock, there are two markets that particularly deserve investors' attention.
Japan.
The world's largest asset management company believes that the earnings outlook for Japanese companies has improved. Corporate reforms and mild inflation will drive this, and have already peaked the return on equity for Japanese companies. Blackrock points out that the corporate profitability of Japanese companies recently reached a 40-year high.
Last week, the Tokyo Stock Exchange Index ($TOPIX (.TOPIX.JP)$) Rose by 3.3%, far exceeding$S&P 500 Index (.SPX.US)$0.5% weekly increase.
However, Blackrock added that the possibility of a stronger yen may weaken profit prospects. Although the pace of yen appreciation has slowed, traders still need to pay attention to Japan's economic data and the actions of the Bank of Japan.
China
Encouraged by recent developments in AI and Technology, Blackrock has also slightly over-weighted this world's second-largest economy. A series of competitive AI projects in China has intensified the competition against the USA's Technology dominance, driving Hong Kong, which is dominated by Technology Stocks,$Hang Seng Index (800000.HK)$up 20% year-to-date.
Blackrock's report pointed out: “In contrast,$CSI 300 Index (800122.HK)$this year is basically flat, indicating that China's AI theme, like the initial one in the USA, is mainly focused on the Technology sector.”
Blackrock Analysts also added that the Chinese government is seeking to adjust the regulations on the Technology Industry, which is also conducive to boosting market confidence.
Will the USA exception theory make a comeback?
It is certain that the US stock market is getting a breather from the decline, and some commentators believe that the USA exception theory may soon make a comeback.
Morgan Stanley wrote on Monday that the recovery of the US stock market led by the latest gains of the 'Magnificent Seven' may become a catalyst for a broader market rebound. Reports suggesting that the next wave of tariffs will be milder than expected pushed the S&P 500 Index and Nasdaq up on Monday.
As for Blackrock, it still has an overweight position in the US market, betting on the upside brought by the AI theme and broader profit growth. However, the surge in long-term Bonds yields or further escalation of the global trade war remain potential risks.
Editor/Rocky
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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