Global equity markets look relatively stable on the surface, but underneath that calm, capital is steadily rotating away from the AI driven mega tech names that defined the last cycle and into more asset heavy, “old world” sectors that are starting to reprice under a different macro backdrop.
This shift is not obvious if you only watch headline indices. For Australian investors, it is showing up more clearly through global ETF flows, emerging market performance, and increasingly through ASX names that sit on the right side of inflation, geopolitics, and real asset demand.
Calm Indices. . .
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