Asia is winning the trade war, at least in terms of stock markets

• North -Americans have increased this morning to the first negotiations after the S&P 500 increased by 2% On Thursday. It is okay, but the largest world markets have spoken and clear since the announcement of President Trump’s “Liberation Day” on trade rates: most Asian markets have had better performance than Westerners. Some, like the Topix of Japan, are even in a positive territory.

The Japan Topix has been in a positive territory for the last six months, 0.37% more than the period. It is an example of a global tendency for variable income markets: Asian indices work much better than the main North -Americans markets. India’s nifty 50 is within a percentage point of being positive for the same period of time.

The United States S&P 500 remains 6% during this period, dragged under water due to the value of decreasing the dollar and the Trump Administration war in free trade.

Another example: for the last 30 days, the Nifty 50 increased by 1.7%; The S&P dropped by 5% in the same period.

In the last 24 hours, however, there have been new signs of life in the United States the S&P 500, Dowryand Nasdaq were all up At least 1% at the closing of markets this Thursday, as investors continue to wait for the Trump administration to soften its commercial agenda.

Strong gains, particularly of GoogleAmerican Airlines, South -West, and Hasbroalso helped to earn. Good vibrations continued in Asia and Europe this morning, and North -Future -Americans were also green.

Here is a snapshot of today’s action:

• The S&P 500 It increased by 2%, achieving a third consecutive day. (Checking reality: has still dropped 6.75% YTD.)
• The nasdaq compound increased by 2.74%.
• Blame increased almost 7%.
• U.S. future S&P contracts have increased by 0.49% this morning, previously opened.
• In Japan, Nikkei 225 It has increased by 1.9% this morning.
• Hong Seng of Hong Kong increased by 0.3%.
• ChinaThe main indices were flat/mixed.
• The Stoxx Europe 600 increased by 0.35% in early negotiation.
• FTSE 100 of the United Kingdom It was marginally positive this morning, 0.15% in early negotiation.

How detrimental has been the capital flight of the North -Americans markets?

Goldman Sachs stated a note to customers about the “flight of foreign investors outside the U.S. assets”, sent yesterday by analyst Daniel Chavez and his team: “This dynamic is a substantial risk for capital ratings because foreign investors entered 2025 with a ownership fee of 18% of American shares. We estimate that foreign investors have sold $ 60 million. of stocks since March.

There is no mystery why investors have been moving their money to the east: it is Trump. In a typical arc note to clients this morning, the UBS overall wealth management economist, Paul Donovan, wrote: “China said that it was not negotiated with the United States about trade. The United States President, Trump, said that the United States spoke to someone (with whom they speak, is a secret, it seems like this could contribute to the uncertainty that it could be financially harmed.”

This story originally presented to Fortune.com