Skip to content
Welcome to the BlackRock site for intermediaries
Before you proceed, please take a moment to review and accept the following Terms and Conditions.
By accessing this website, you, as a client or potential client, accept to receive information on this website in more than one language. Should you require help understanding the content on this website, please reach out to your financial or other professional advisor.
Financial Intermediaries
On this website, Financial Intermediaries are investors that qualify as both a Professional Client and a Qualified Investor.
In summary, a person who can both be classified as a professional client under the Markets in Financial Instruments Directive II (2014/65/EU, “MiFID”) and a qualified investor in accordance with the Prospectus Regulation (EU) 2017/1129) will generally need to meet one or more of the following requirements:
(1) An entity required to be authorised or regulated to operate in the financial markets. The following list includes all authorised entities carrying out the characteristic activities of the entities mentioned, whether authorised by an EEA State or a third country and whether or not authorised by reference to a directive:
(a) a credit institution;
(b) an investment firm;
(c) any other authorised or regulated financial institution;
(d) an insurance company;
(e) a collective investment scheme or the management company of such a scheme;
(f) a pension fund or the management company of a pension fund;
(g) a commodity or commodity derivatives dealer;
(h) a local;
(i) any other institutional investor;
(2) a large undertaking that meets two of the following tests: (i) a balance sheet total of EUR 20,000,000; (ii) an annual net turnover of EUR 40,000,000; (iii) own funds of EUR 2,000,000;
(3) a national or regional government, a public body that manages public debt, a central bank, an international or supranational institution (such as the World Bank, the IMF, the ECB, the EIB) or another similar international organization;
(4) a institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitisation of assets or other financing transactions;
(5) a natural person resident in an EEA State that permits the authorisation of natural persons as professional clients and qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions, in significant size, on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.
Please note that the above summary is provided for information purposes only. If you are uncertain as to whether you can both be classified as a professional client under the Markets in Financial Instruments Directive and classed as a qualified investor under the Prospectus Regulation then you should seek independent advice.
Terms and conditions
Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
Please note that you are required to read and accept the terms of our Privacy Policy before you are able to access our websites.
Once you have confirmed that you agree to the legal information in this document, and the Privacy Policy – by indicating your consent above – we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this site, or other BlackRock sites, on future occasions. The cookie will expire after six months, or sooner should there be a material change to this important information.
By confirming that you have read this important information, you also:
(i) Agree that such information will apply to any subsequent access to the Individual investors (or Institutions / Intermediaries) section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and
(ii) Warrant that no other person will access the Individual investors section of this website from the same computer and logon as you are currently using.
The offshore funds described in the following pages are administered and managed by companies within the BlackRock Group and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.
This does not constitute an offer or solicitation to sell shares in any of the funds referred to on this site, by anyone in any jurisdiction in which such offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Specifically, the funds described are not available for distribution to or investment by US investors. The units/shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and, except in a transaction which does not violate the Securities Act or any other applicable US securities laws (including without limitation any applicable law of any of the States of the USA) may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
The funds described have not been, nor will they be, qualified for distribution to the public in Canada as no prospectus for these funds has been filed with any securities commission or regulatory authority in Canada or any province or territory thereof. This website is not, and under no circumstances is to be construed, as an advertisement or any other step in furtherance of a public offering of shares in Canada. No person resident in Canada for the purposes of the Income Tax Act (Canada) may purchase or accept a transfer of shares in the funds described unless he or she is eligible to do so under applicable Canadian or provincial laws.
Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. prospectus, simplified prospectus, key investor information document or other applicable terms and conditions).
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Prospectus or other constitutional document.
If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.
The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.
The information contained on this site is published in good faith but no representation or warranty, express or implied, is made by BlackRock (Netherlands) B.V. (“BNBV”) or by any person as to its accuracy or completeness and it should not be relied on as such. BNBV shall have no liability for any loss or damage arising out of the use or reliance on the information provided including without limitation, any loss of profit or any other damage, direct or consequential. No information on this site constitutes investment, tax, legal or any other advice.
Where a claim is brought against BlackRock by a third party in relation to your use of this website, you hereby agree to fully reimburse BlackRock for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock as a consequence of improper use of this website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.
You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.
You may leave the BNBV website when you access certain links on this website. In so doing, you may be proceeding to the site of an organisation that is not regulated. BNBV has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.
BNBV shall have no liability for any data transmission errors such as data loss or damage or alteration of any kind, including, but not limited to, any direct, indirect or consequential damage, arising out of the use of the services provided herein.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information. Investment should be made on the basis of the relevant Prospectus which is available from the manager.
For your protection, telephone calls and/or other electronic communications which result in, or are intended to result in, transactions will be recorded or saved.
Investors should read the offering documents for further details including the risk factors before making an investment.
For investors in Sweden:
The prospectus and KID are available at BNBV, Stockholm branch, Malmskillnadsgatan 38, 111 51 Stockholm, Sweden. Investors should read the KID before making an investment decision.
Please note that while some of the BlackRock funds are "ring-fenced", others form part of a single company and are not. For BlackRock funds that do not have segregated liability status, in the event of a single BlackRock fund being unable to meet liabilities attributable to that BlackRock fund out of the assets attributable to it, the excess may be met out of the assets attributable to the other BlackRock funds within the same company. We refer you to the prospectus or other relevant terms and conditions of each BlackRock fund for further information in this regard.
The views expressed herein do not necessarily reflect the views of BlackRock as a whole or any part thereof, nor do they constitute investment or any other advice.
Any research found on these pages has been procured and may have been acted on by BlackRock for its own purposes.
This site is operated and issued by BlackRock BNBV which is authorised and regulated by the Autoriteit Financiële Markten («AFM»). You can gain access to the AFM website from the following link: www.afm.nl. BlackRock (Netherlands) B.V. is a company registered in the Netherlands, No. 17068311. Registered Office: Amstelplein 1, 1096 HA, Amsterdam. BlackRock is a trading name of BlackRock (Netherlands) B.V. VAT No 007883250. General enquiries about this website should be sent to EMEAwebmaster@blackrock.com. This email address should not be used for any enquiries relating to investments.
©2024 BlackRock, Inc. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
Bright spots in global stocks
Market take
Weekly video_20250324
Axel Christensen
Chief Investment Strategist for Latin America, BlackRock Investment Institute
Opening frame: What’s driving markets? Market take
Camera frame
The pullback in US equities has put a dent in US outperformance versus the rest of the world. Developments in other countries are boosting the appeal of global stocks.
Title slide: Bright spots in global stocks
1: The fiscal boost in Europe
Steps by Germany and the European Union to boost defense and infrastructure spending could help sustain the European equity rally.
That could benefit sectors like aerospace, defense and industrials. We have preferred the financial sector in Europe, which could see profit margins grow as policy rates look set to stay above pre-pandemic levels.
2: Varied valuations in Asia
In Asia, structural shifts are spurring performance divides. The Hang Seng index of mainland shares, which is full of big China tech companies, has surged this year with the release of seemingly more efficient Chinese AI models.
China’s tech surge has enticed investors to pull away from India – causing Indian equity valuations to slide.
3: Bright spots in Latin America
Stocks for both Mexico and Chile have outperformed the US so far this year and have seen their currencies strengthen against the dollar.
For Mexico, that’s due to the US tariff impact being less severe than expected so far.
Outro: Here’s our Market take
We stay overweight US stocks and also see country-level shifts creating opportunities elsewhere.
Yet prolonged uncertainty poses a risk to both US and global risk assets.
Closing frame: Read details: blackrock.com/weekly-commentary
Selective opportunities
The US equity pullback has narrowed the performance gap with the rest of the world. We see bright spots in global markets benefiting from structural shifts.
Market backdrop
US stocks steadied after a four-week losing streak last week. Global stocks rose, with Japan the standout. US 10-year Treasury yields ticked down to 4.25%.
Week ahead
Global PMI data could indicate any damage from US policy uncertainty. We expect US PCE data to keep showing that inflation is likely to settle above 2%.
The US equity pullback has put a dent in US outperformance over the rest of the world. We stay overweight US stocks and see opportunities across global stocks. Europe’s fiscal boost may benefit some sectors. In Asia, corporate reforms have lifted Japanese stocks, while some Latin American countries tap into mega forces. Stronger currencies may boost the appeal of emerging local currency debt. Yet we think prolonged US policy uncertainty could dim some of these bright spots.
Paragraph-2,Image-1,Paragraph-3
Paragraph-4,Advance Static Table-1,Paragraph-5,Advance Static Table-2,Paragraph-6,Advance Static Table-3
Not the only game in town
Non-US equity market share of global market capitalisation, 2015-2025
Past performance is not a reliable indicator of current or future results. It is not possible to invest in an index. Indexes are unmanaged and performance does not account for fees. Source: BlackRock Investment Institute, with data from LSEG Datastream, March 2025. Note: The chart shows the market value of the MSCI All-Country World excluding the US index as a share of the MSCI All-Country World index.
The weight of non-US equities in global equity indexes has been on the rise since the end of January. See the chart. What’s driving that? In the near term, policy uncertainty has shaken investor conviction in US growth and equity strength. That’s pulled the S&P 500 down more than 3%. The selloff has been exacerbated by investors rapidly pulling out of popular trades – like the tech-heavy momentum equity style factor and cyclical trades that were betting on a boost from growth from potential US deregulation and tax cuts. Meanwhile, country-specific developments are boosting the appeal of global stocks, such as Germany’s big fiscal spending, Japan’s corporate reforms and Mexico’s role in rewiring supply chains. We think US stocks can ultimately keep leading as the artificial intelligence (AI) theme broadens. Yet prolonged uncertainty poses a risk to both US and global risk assets.
Germany’s defense and infrastructure spending plans were approved faster and with a greater scope than expected last week, not long after the federal election in February. Europe’s fiscal boost could lift revenues at aerospace and defense companies. Profit margins for the financial sector, our year-long preference, look set to grow as policy rates likely stay above pre-pandemic levels. Capital spending on electrification, energy efficiency and data centers could fuel growth for industrials. We’re selective as it will take time to see fiscal spending filter into the economy given the constraints in quickly boosting defense and infrastructure investment, on top of the limited fiscal room in most of Europe. European equity valuations still look attractive even as the discount versus US stocks has narrowed from the 40% extremes seen last year, LSEG data show.
Mega forces at play
In Asia, structural shifts are spurring divides even within markets – reinforcing the need to be selective. A flood of apparently more efficient Chinese AI models has driven the Hang Seng index of mainland shares, full of big China tech companies, up 20% this year. That contrasts with the onshore benchmark CSI 300, roughly flat this year, showing how the AI theme in China has been centered in tech as it initially was in the US Japan’s ongoing corporate reforms and mild inflation have driven long-lagging corporate return on equity, or profitability, to four-decade highs, LSEG data show – keeping us overweight stocks.
Latin America offers other bright spots. Mexico’s stocks have jumped nearly 8% year to date as the impact of US tariffs has been less severe than expected. The Bank of Mexico’s cautious rate cuts have also helped stabilise the peso, up 4% against the US dollar this year. While the impact of US policy remains uncertain, Mexico is increasingly an intermediate trading partner between competing economic and geopolitical blocs. Chile’s equities have jumped 12% this year and its currency is up 8% against the dollar – given resilient economic growth and expected private investment in minerals key to the energy transition. More broadly, stronger EM currencies – if sustained – could brighten the appeal of EM debt issued in local currencies. We eye any temporary weakness due to trade uncertainty as an opportunity to upgrade the asset class to neutral.
Our bottom line
Country-level shifts and events are creating bright spots in global stocks, so we get selective. We stay overweight US stocks on a six- to 12-month tactical horizon. Yet prolonged uncertainty could hurt both US and global risk assets.
Market backdrop
US stocks steadied after a four-week streak of losses. European stocks rose 0.5% last week, while Japan’s Topix was the standout, rising 3.3%. US 10-year Treasury yields fell 6 basis points to 4.25%. We think the slide in US equities was overdone as economic conditions don’t point to recession and corporate earnings hold up. But the longer uncertainty goes on, the more growth may suffer. We eye the “reciprocal” US tariffs due to be announced on or before April 2 – and any fallout.
Global manufacturing and services survey results for March out this week could indicate how uncertainty from US tariff policy is affecting economic sentiment around the world. We expect the US PCE inflation data – the Fed’s preferred metric – to keep suggesting that inflation will settle above the Fed’s 2% target given still-elevated wage gains.
Week ahead
Past performance is not a reliable indicator of current or future results. Indexes are unmanaged and do not account for fees. It is not possible to invest directly in an index. Sources: BlackRock Investment Institute, with data from LSEG Datastream as of March 20, 2025. Notes: The two ends of the bars show the lowest and highest returns at any point year to date, and the dots represent current year-to-date returns. Emerging market (EM), high yield and global corporate investment grade (IG) returns are denominated in US dollars, and the rest in local currencies. Indexes or prices used are: spot Brent crude, ICE US Dollar Index (DXY), spot gold, MSCI Emerging Markets Index, MSCI Europe Index, LSEG Datastream 10-year benchmark government bond index (US, Germany and Italy), Bank of America Merrill Lynch Global High Yield Index, J.P. Morgan EMBI Index, Bank of America Merrill Lynch Global Broad Corporate Index and MSCI USA Index.
March 24
Global flash PMIs
March 25
US consumer confidence
March 26
US durable goods; UK CPI
March 28
US PCE
Read our past weekly commentaries here.
Meet the authors
Jean Boivin
Head – BlackRock Investment Institute
Wei Li
Global Chief Investment Strategist – BlackRock Investment Institute
Axel Christensen
Chief Investment Strategist for Latin America — BlackRock Investment Institute
Laurent Develay
Head of Emerging Markets Local Debt — BlackRock
This material is for distribution to Professional Clients (as defined by the FCA Rules) and should not be relied upon by any other persons.
Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.
Sources: Bloomberg unless otherwise specified.
Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
The opinions expressed in this paper may change as subsequent conditions vary. The information and opinions contained in this paper are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents.
This paper may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this paper is at the sole discretion of the reader.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I DO WITH MY MONEY logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
Explore more
About us
Products
Themes
Insights
ETFs & Indexing
© 2025 BlackRock, Inc. All rights reserved.
BIIM0325U/M-4342949
Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index. Note: Views are from a US dollar perspective. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast or guarantee of future results. This information should not be relied upon as investment advice regarding any particular fund, strategy or security.