The Kobeissi Letter(@KobeissiLetter):The US stock market is in its own league. US stock market cap now accounts for 45% of the world equity market value, the most among any other major country or region. This is nearly triple the combined proportion of China and Hong Kong, at 16%. Europe and the rest of Asia-Pacific follow, accounting for 13% and 11% of global market cap, respectively. By comparison, Japan, the world's 3rd-largest stock market, represents just 6%. Meanwhile, the Middle East and Africa account for 5%, while Canada and Latin America make up 3% and 1%, respectively. The scale of the US equity market relative to the rest of the world is unprecedented.

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The US stock market is in its own league. US stock market cap now accounts for 45% of the world equity market value, the most among any other major country or region. This is nearly triple the combined proportion of China and Hong Kong, at 16%. Europe and the rest of Asia-Pacific follow, accounting for 13% and 11% of global market cap, respectively. By comparison, Japan, the world's 3rd-largest stock market, represents just 6%. Meanwhile, the Middle East and Africa account for 5%, while Canada and Latin America make up 3% and 1%, respectively. The scale of the US equity market relative to the rest of the world is unprecedented.