Global Market Momentum: International Country ETFs Hovering Near 52-Week Summits

International equity markets have demonstrated impressive resilience as 2026 unfolds, building on the strong foundation established throughout 2025. The landscape reveals compelling opportunities across multiple geographies, with several country-focused ETFs hovering at or near their 52-week peaks. This environment reflects a confluence of supportive macroeconomic factors, policy decisions, and sector-specific tailwinds that merit investor attention.

To contextualize these movements, consider that the iShares MSCI ACWI ex US ETF (ACWX) has delivered 3.6% year-to-date returns—notably outpacing the SPDR S&P 500 ETF Trust (SPY), which has gained just 0.9%. The iShares MSCI Emerging Markets ETF (EEM) has surged 5% in the same period, signaling robust appetite for non-US exposure.

South Korea’s Tech-Driven Ascent Captures Market Interest

South Korea’s equity market has emerged as a standout performer, with the iShares MSCI South Korea ETF (EWY) hovering near its 52-week high of $118.41, trading around $117.99 as of late January. The Franklin FTSE South Korea ETF (FLKR) similarly approached its peak, sitting at $38.66 near its 52-week high of $38.75.

This impressive rally reflects the KOSPI index’s surge to record highs, primarily fueled by a semiconductor rally that shows no signs of abating. The AI chip boom, coupled with strong December export figures and enthusiasm surrounding HBM4 technology, has propelled Korean equities to fresh records. For investors seeking exposure to the AI-driven technology wave, South Korea presents a compelling entry point.

Turkey’s Inflation Victory Unlocks Rally Potential

Turkey’s equity market has mounted a notable rally as 2026 commenced, with the Turkey iShares MSCI ETF (TUR) trading at $39.40—marginally below its 52-week high of $39.44. The catalyst for this advance lies in meaningful disinflation progress.

Turkey’s annual inflation rate decelerated to 30.89% in December 2025, down from 31.07% the prior month and beating market expectations of 31%. This represents the slowest pace since November 2021, according to tradingeconomics. The achievement validates the Central Bank’s rate-cutting trajectory and has substantially boosted investor confidence. As rate cuts continue and inflation pressures ease further, Turkish equities may sustain their upward momentum.

Norway: Energy Prices and Policy Rate Decisions Support ETF Strength

Norway’s country ETFs continue hovering near record territory, with both the Norway iShares MSCI ETF (ENOR) and Global X MSCI Norway ETF (NORW) approaching their respective 52-week highs. ENOR trades at $30.82 against a peak of $30.86, while NORW sits at $31.93 compared to its $31.97 summit.

Two factors underpin this stability. First, Norges Bank maintained its policy rate at 4.00% through year-end, with market consensus expecting the next rate cut around mid-2026. Such a move should prove supportive for Norwegian equities. Second, elevated oil prices—with Brent crude hovering around $65 despite periodic pullbacks—combined with robust commodity demand, have buoyed heavyweight energy stocks. For investors seeking commodity and energy exposure, Norwegian ETFs offer strategic positioning.

Japan’s Political Catalyst Creates Economic Growth Narrative

Japan Small-Cap equities have climbed to record heights, with the iShares MSCI Japan Small-Cap ETF (SCJ) trading at $96.66, marginally below its $96.78 peak. Recent political developments have catalyzed this advance.

Prime Minister Sanae Takaichi dissolved the lower house of parliament on January 23, 2026, setting the stage for snap elections on February 8. Takaichi’s elevated approval ratings have positioned her to potentially convert public support into an expanded parliamentary majority. Should she secure a mandate, she has signaled intentions to implement aggressive fiscal stimulus, including enhanced defense spending and tax relief aimed at supporting economic expansion.

These policy prospects have energized Japanese equity markets. Reinforcing this optimism, the Bank of Japan has upgraded its growth forecasts. For the fiscal year ending March 2026, BOJ now projects 0.9% expansion, up from a prior 0.7% estimate. More significantly, for fiscal year 2026, the central bank has raised its growth outlook to 1.0% from 0.7%. Such improved economic visibility provides a foundation for sustained Japanese equity performance.

Synthesizing Global Market Opportunities

The constellation of country ETFs hovering at elevated valuations reflects a global investment backdrop characterized by policy support, economic improvement, and sector-specific momentum. Whether through South Korea’s technology renaissance, Turkey’s inflation breakthrough, Norway’s commodity advantage, or Japan’s political-economic catalyst, international markets are presenting meaningful opportunities for diversified exposure beyond US equities.