Global equity markets remain sharply differentiated in 2026. US large-cap indices continue to deliver solid double-digit gains, UK equities remain resilient, European performance is mixed, China has fallen further into negative territory, and Japan continues to lead the major markets.
US equities remain firmly positive year-to-date despite recent turbulence. The S&P 500 stands at 7,623.68, up 12.2%, while the Nasdaq Composite has also gained 12.2% to 25,955.34. The Dow Jones Industrial Average trails slightly at 52,215.16, up 9.3%.
Performance within the major indices remains varied. Amgen leads the Dow with a 36.8% year-to-date gain, followed by Apple at 28.7%. Boeing and American Express are among the notable laggards, declining 17.3% and 15.2%, respectively.
Within the S&P 500, Airbnb has gained 29.3% year-to-date, while Apple is up 28.7% and AbbVie 28.3%. Abbott Laboratories is among the weaker performers, down 14.4%.
European equities continue to present a more divided picture. The Euro Stoxx 50 stands at 6,103.98, up 7.1% year-to-date, while Germany's DAX has gained a more modest 3.6% to 25,429.11. France's CAC 40 remains the weakest major European benchmark covered, declining 1.4% to 7,847.91.
Germany continues to face pressure from weakness in its industrial and manufacturing sectors amid subdued global demand. France's underperformance reflects the CAC 40's significant exposure to luxury goods and consumer discretionary companies, which have faced headwinds from slowing Chinese demand and cautious European consumers.
UK equities continue to perform comparatively well. The FTSE 100 stands at 10,746.44, up 10.9% year-to-date, while the more domestically focused FTSE 250 has gained 12.1% to 24,465.85.
The FTSE 250's stronger performance suggests constructive domestic sentiment, while the FTSE 100's exposure to commodities and financials continues to provide a degree of defensiveness relative to continental European markets.
Chinese equities are the clear underperformers among the regions covered. The CSI 300 stands at 4,103.54, down 11.2% year-to-date, while the Hang Seng has declined 9.4% and the Shanghai Composite 6.1%.
The weakness reflects a combination of a sluggish post-stimulus recovery, continued property-sector stress, deflationary pressure, and cautious foreign investor sentiment. The Shanghai Composite's relative resilience compared with the CSI 300 also highlights differing performance across segments of the domestic market.
Japan remains the standout global equity market. The Nikkei 225 stands at 62,189.65, up 21.8% year-to-date, while the TOPIX has gained 16.7% to 3,972.98.
Japan's rally continues to be supported by corporate governance reforms, efforts to improve return on equity and unwind cross-shareholdings, and sustained foreign investor inflows. Yen weakness has also supported the earnings of export-oriented manufacturers, with the Nikkei's outperformance reflecting the strength of large-cap exporters and technology companies.
