The U.S. has been the place to invest when it comes to stocks over the past 10 years. That dominance could shift in 2020.
has gained just 18% since 2010. Emerging markets have fared even worse this decade against the S&P 500. The iShares MSCI Emerging Market Index is up just 4% since 2010.
"Having underperformed for more than ten years, non-US stocks are set to gain the upper hand over their US peers," Peter Berezin, chief global strategist at BCA Research, said in a note. "A reacceleration in global growth, a weaker US dollar, and favorable valuations should all support non-US stocks next year."The S&P 500's price-to-earnings ratio, a widely used valuation metric on Wall Street, currently sits above 20.
Callum Thomas, head of research at Topdown Charts, notes there is a "50% valuation gap" between U.S. and international stocks. "Yes global ex-US has its problems, but are they 50% discount problems? At a certain point if the valuation gap is wide enough it kind of starts to speak for itself," he said in a note.
In Europe, manufacturing activity hit a seven-year low in October. It rebounded slightly in November but remained in contraction territory, data from IHS Markit showed.
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