London Stock Exchange Group Plc · LSE:LSEG
London Stock Exchange — Investor Presentation (March 2025)
11 slides from London Stock Exchange's investor presentation, March 2025
Slide 1: Macro Microscope: Country Rotation in Financial Markets
Macro Microscope Country Rotation in Financial Markets March 2025 ty) Indrani De John Dioufas Head of Global Investment Director, Datastream and Research Macroeconomics FTSE Russell, LSEG LSEG
Slide 2: FTSE Russell is not an investment firm and this presentation is not advice
CORPORATE FTSE Russell is not an investment firm and this presentation is not advice about any investment activity. None of the information in this presentation or reference to a FTSE Russell index constitutes an offer to buy or sell, or a promotion of a security. This presentation is solely for inf
Slide 3: US equities' exceptional performance in the post-2010 period
CORPORATE US equities’ exceptional performance in the post-2010 period ▪ US equities outpaced global peers post-2010; during 2011-24, FTSE USA returned 3.1x FTSE All-World ex USA. ▪ Equity returns are driven by three main components—earnings growth, valuation changes and dividend yield. We examined
Slide 4: US equities' 2023-24 performance was driven more by valuation expansion than in previous cycles
CORPORATE US equities’ 2023-24 performance was driven more by valuation expansion than in previous cycles ▪ In 2023 & 2024 (following the market pullback in 2022), valuation expansion accounted for around three-fourths to half, respectively, of Russell 1000 total return. ▪ During the recoveries of 2
Slide 5: US equities' January underperformance of global peers continued into February; European equities shone
CORPORATE Shifts in equity market leadership & high valuations have raised questions about the sustainability of US outperformance US equities’ January underperformance of global peers continued into February; European equities shone ▪ US equities’ have lagged the All-World ex US YTD. YTD, China, De
Slide 6: Global equity returns under varying US Real Yield environments
CORPORATE Global equity returns under varying US Real Yield environments ▪ Higher US real yields above 1% historically supported non-US equities. ▪ With real yields near 2%, historical relationships indicate that All-World ex-US and particularly EM equity have the potential to benefit from the real
Slide 7: Many major currencies gained versus the US dollar during February
CORPORATE Many major currencies gained versus the US dollar during February ▪ US, Canadian and Mexican long yields notably lower; Japanese 10-year yields higher. German and UK yields essentially flat. ▪ Yen gained versus the USD buffering Japanese equity losses for USD-based investors. ▪ Brazilian l
Slide 8: EUR/USD, GBP/USD and USD/JPY vs US Dollar Index
CORPORATE EUR/USD, GBP/USD and USD/JPY vs US Dollar Index ▪ EUR/USD, GBP/USD, USD/JPY all outperforming the Dollar. FTSE Russell Source: LSEG Datastream. All data as of March 14, 2025 8
Slide 9: US Dollar Index vs Fed Funds Target Rate
CORPORATE US Dollar Index vs Fed Funds Target Rate FTSE Russell Source: LSEG Datastream. All data as of March 14, 2025 9
Slide 10: G7 and Switzerland Interest Rate Probabilities
CORPORATE G7 and Switzerland Interest Rate Probabilities ▪ An interest rate disconnect? FTSE Russell Source: LSEG.Workspace All data as of March 14, 2025 10
Slide 11: Disclaimer About FTSE Russell (LSEG)
Disclaimer About FTSE Russell (LSEG) © 2025 London Stock Exchange Group plc and its applicable group undertakings (the “LSE Group”). The LSE Group includes (1) FTSE International Limited (“FTSE”), (2) Frank Russell FTSE Russell is a leading global provider of index and benchmark solutions, Company (
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