While the mood in the main developed markets does not feel heated, professional investors are becoming optimistic and momentum in markets is clearly building.
The dollar's weakness and easier credit conditions have kept monetary conditions loose and supported financial markets.
The tax reform bill looks likely to be ratified, which would also be good news for stock markets.
There are sufficient straws in the wind to suggest that we are entering the latter stages of the bull market.
The world index's 13-successive months of positive gains is unprecedented, though this may be more to do with the dollar's weakness than investor euphoria (or Donald Trump for that matter). Money is pouring into more peripheral markets, for example: $450m for a da Vinci painting of doubtful provenance, Bitcoin (enough said), and a rampant IPO market in Hong Kong. The Fed may be reversing QE but let's not overlook that the BoJ and the ECB have pumped $2tr into the s ...
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