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By: Vincent Deluard, Director - Global Macro Strategy
As of March 2026, global capital flows remain one of the most powerful forces shaping US equity markets. For more than a decade, international investors have directed enormous pools of capital toward the United States, reinforcing valuations and sustaining market momentum. This influx of global investment has supported a prolonged rally across US equities even as domestic macro conditions shifted. Understanding the role of foreign capital has therefore become essential to interpreting both market strength and potential future vulnerabilities.
Vincent Deluard, Director of Global Macro Strategy at StoneX Group, has spent years analysing global capital flows and their impact on equity markets. His macro research focuses on structural forces that shape liquidity, investment cycles, and cross-border capital movements, offering a distinct perspective on how foreign investment has reinforced US market leadership.
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