Core Insights - Global stocks have shown strong gains in early 2026, with the iShares MSCI ACWI ex US ETF (ACWX) up 3.6% and the iShares MSCI Emerging Markets ETF (EEM) up 5% year-to-date as of January 23, 2026 [1] Country ETF Winners Norway - Norway iShares MSCI ETF (ENOR) reached a 52-week high of $30.82, slightly down from $30.86, while Global X MSCI Norway ETF (NORW) was at $31.93, down from $31.97 [2] - Norges Bank maintained a policy rate of 4.00%, with expectations for a rate cut in mid-2026, which could benefit stocks [2] - High oil prices around $65 and strong commodity demand have supported energy sector stocks [2] Turkey - Turkey iShares MSCI ETF (TUR) was at $39.40, slightly down from a 52-week high of $39.44 [3] - Turkey's annual inflation rate decreased to 30.89% in December 2025, down from 31.07%, marking the lowest since November 2021, which has bolstered investor confidence [3] South Korea - South Korea iShares MSCI ETF (EWY) was at $117.99, slightly down from a 52-week high of $118.41, and Franklin FTSE South Korea ETF (FLKR) was at $38.66, down from $38.75 [4] - The KOSPI index has reached record highs, driven by a strong rally in the chip sector, fueled by AI chip demand and December export surges [4] Japan - iShares MSCI Japan Small-Cap ETF (SCJ) was at $96.66, slightly down from a 52-week high of $96.78 [5] - Japanese stocks have surged to record highs amid expectations of snap elections by Prime Minister Sanae Takaichi, who aims to leverage her approval ratings for a parliamentary majority [5][6] - The Bank of Japan has raised its economic growth forecast for the fiscal year ending March 2026 to 0.9% from 0.7%, and for fiscal 2026 to 1.0% from 0.7% [7]