PRESIDENT Trump promises a new golden age but US stock markets have already been living through one. Powered by the Magnificent Seven, the US accounts for two-thirds of the MSCI All-Country World Index and investors continue to throw money at it like the tech entrepreneurs who queue to pay obeisance at the White House.
The trend must reverse sometime. Certainly the deep discounts on quality stocks available in the UK, which can project itself as a common sense country at this time of great geopolitical upheaval, are bound to be catching the eye of contrarian investors. But Wall Street’s propensity to suck up multinationals with the promise of sweetening their share price means anyone else in the capital markets game has a fight on their hands.
