Allianz Investment: Asia Stocks Outperformed U.S. in H1 2026 as Flows Broaden Beyond Tech

Allianz Investment managing director and Asia-Pacific chief equity investment officer Xue Yonghui said Asian equities extended strong momentum in the first half of 2026 and outperformed U.S. stocks, according to Ming Pao. He said the MSCI Asia Pacific ex Japan Index rose more than 20% in the first half, with technology stocks continuing to lead gains. However, he noted a clear shift in market structure, with capital starting to diversify from pure tech into “resilience” themes such as industrials, defense, power and resources. Xue said this reflects investors’ long-term optimism on AI, while adding that some stocks that have risen too quickly could face corrections.