Stock market implications of Corporate America's internationalisation

The reach of Corporate America has become increasingly global. One important consequence has been a secular rise in profitability, not only at US multinational companies (MNCs) which dominate the major stock markets, but also at firms which operate solely within the US. The implication is that a reversion of corporate profit margins to their long-run average – a tenet of the bear case for US equities – is unlikely any time soon.