Against the backdrop of trade uncertainty and bleak economic prospects, the US market experienced turbulence in 2025, and the discourse of "American exceptionalism" gradually weakened. Investors began to shift their focus to other markets.
BlackRock, the world's largest asset management institution, stated that investors should particularly consider investing in the Japanese and Chinese markets.
Japan
BlackRock believes that the profit prospects of Japanese companies have improved. Corporate reform and moderate inflation will be helpful and have led to a peak in the return on equity for businesses. BlackRock pointed out that the profitability of Japanese companies has recently reached its highest level in 40 years.
Last week, the Japan Eastern Stock Exchange index rose 3.3%, surpassing the weekly increase of 0.5% for the S&P 500 index.
However, BlackRock added that the possibility of a stronger yen may weaken the profit prospects of listed companies. Although the appreciation rate of the yen has slowed down, traders still need to pay attention to the country's economic data and the actions of the central bank.
China
Encouraged by recent developments in artificial intelligence and technology, BlackRock has also moderately increased its holdings in Chinese stocks. A series of competitive artificial intelligence projects in China have shaken the technological dominance of the United States, driving the Hang Seng Index up nearly 20% so far this year.
This coincides with Citigroup's viewpoint. Citigroup previously stated that under Trump's leadership, the "American exceptionalism" has faded and investors should increase their holdings of Chinese stocks.
In its latest report, BlackRock pointed out, "This is in sharp contrast to the Shanghai and Shenzhen 300 Index, which has remained relatively stable this year, indicating that China's artificial intelligence theme has always been centered on technology, just like it was initially in the United States
However, at the same time, BlackRock also reminds that this means that China is still vulnerable to tariff risks and structural macro challenges, and still needs to prepare for adjusting its prospects.
It should be noted that the US stock market is taking a breather from its slump, and some commentators suggest that American exceptionalism may soon recover.
Morgan Stanley wrote on Monday that the rebound of the US stock market may become a catalyst for restarting the overall rebound, driven by the latest rise of the "tech seven giants".
According to analysts such as Mike Wilson, Chief Investment Officer of Morgan Stanley, "In our view, one of the reasons we see capital shifting towards international markets (especially Europe) is that the leading groups in the US stock market (the 'Big Seven') are starting to underperform. Therefore, if this group regains relative strength, we may see funds flowing back to the United States
The performance correction of the 'Big Seven' seems to be bottoming out, which may also support the return of funds to the United States, "they added.
As for BlackRock, it is still increasing its holdings in US market stocks and betting on the upward potential brought by the expansion of artificial intelligence themes and profit growth.
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