US stocks have been trouncing their overseas competition for years, and there were reasons to think it was going to happen again as the global economy got back on its feet.. Jefferies small- and mid-sized stock strategist Steven DeSanctis says that's the reasoning behind one shift he's "disappointed" to make, as he's reversing a call in favor of US stocks that he made just three months ago.following the huge rally that lasted for most of this spring.
"The US is struggling to keep virus under control while Europe and China have done better," he wrote in a note to clients. "We think the economic news in both Europe and China will continue to improve, while data in US will be mixed." If the failure to contain the virus hurts the US economy more than the economies of its peers, that's also going to affect the respective currencies of the US, Europe, and China. DeSanctis says that's likely to intensify the trends behind his new call.
"Europe and China are getting back to full capacity with the US lagging behind, thus we think dollar could be weak and helps foreign more than domestic," he said.
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