Story perspectives

Shift to International Assets Boosts Emerging Markets Amid Dollar Decline

2/14/2026

Summary

Story summary

Bank of America strategist Michael Hartnett says U.S. trade policies reshape global markets.
Investors shift from the dollar and U.S. stocks to international assets.
He calls the trend 'anything but the dollar' and says it could boost emerging-market equities due to artificial intelligence (AI) demand.
International funds have drawn $104 billion this year, while U.S. funds drew $25 billion; S&P 500 lags and the dollar has fallen 10% since late 2024.

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Story summary

Bank of America strategist Michael Hartnett says U.S. trade policies reshape global markets.
Investors shift from the dollar and U.S. stocks to international assets.
He calls the trend 'anything but the dollar' and says it could boost emerging-market equities due to artificial intelligence (AI) demand.
International funds have drawn $104 billion this year, while U.S. funds drew $25 billion; S&P 500 lags and the dollar has fallen 10% since late 2024.