Capital Group International Developed Equity

Mandate commentary
Q2 2025

Highlights

① International stocks rose in the second quarter, narrowly outpacing U.S. stocks. The “Liberation Day” tariff announcement on April 2 drove a global sell-off and expectations for a broad rotation from U.S. to international markets, particularly Europe. By the end of the quarter, however, markets around the world had snapped back as trade tensions moderated. 

② Equities staged a sharp V-shaped recovery after tariff reversal.

③ Investors look ahead to trade-policy clarity.