Global equities moved higher, supported by strong corporate earnings growth and signs of a rapidly accelerating U.S. economy. Investor sentiment improved despite ongoing international trade disputes, political uncertainty and higher interest rates. Eurozone and emerging markets stocks advanced, bouncing back from a rough first half of the year.
Defensive stocks generally outpaced cyclical sectors, led by an earnings-driven rally in health care companies. The industrials sector also enjoyed strong gains amid signs of improving global economic growth, particularly in the U.S. and India. Consumer discretionary, real estate and energy stocks lagged the overall market.