Global flight-to-quality (FTQ) events lead to underperformance of distressed stocks which subsequently outpace the market in recovery periods. The drastic return changes of distressed stocks, concurrently observed across borders, create internationally synchronized abnormal returns of prevailing factors. By analyzing 153 factors of 13 themes in 23 developed countries, we find that the global FTQ events enhance the global quality factor’s positive correlations with five themes of local factors (low risk, momentum, profit growth, profitability, and quality) and negative correlations with two themes (size and value). The changes in global quality factor exposures of local factors are orthogonal to the changes in market factor exposures. Further, the swing of global quality factor returns amplifies volatility of the seven themes of local factors across borders. Our results provide novel implications for global equity investment and asset pricing.