US stocks have underperformed the rest of the world this year by the widest margin in more than three decades as Donald Trump’s erratic policymaking sparks an investor exodus from American assets.
The MSCI USA index — a broad gauge of US equities — lost 11 per cent in the first 16 weeks of the year. The MSCI all world ex-US benchmark climbed 4 per cent in dollar terms over the same period, the biggest gap with Wall Street since 1993, when US investor enthusiasm for foreign stocks surged on the back of trade liberalisation and concerns over the domestic economy.
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