April 2024 ended a five-month winning streak for global equities, thanks to hotter than expected US inflation data.  It was also a rare month in which the best performing equity region was Emerging Markets and the US was the worst.  Since the Global Financial Crisis, the US stock market has outperformed the non-US stock markets by a wide margin, thanks to the significant expansion of profit margins for US companies.  Will the rise in US interest rates reverse this positive trend?

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