American stocks are consuming global markets
That does not necessarily spell trouble
Sixteen years ago American stockmarkets reached their modern nadir. During the early 2000s European and emerging-market equities went on a bull run. By March 2008 America had entered recession and its financial crisis was under way. The country’s stocks accounted for less than 40% of the world’s total stockmarket capitalisation.
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This article appeared in the Finance & economics section of the print edition under the headline “Egg-in-one-basket strategy”
From the June 29th 2024 edition
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