Same As It Never Was

A notable divergence is taking place across worldwide equity markets. It was a narrative as old as the last time global central banks joined forces to save the economy from toppling into recession. And as we travelled through the supposedly glorious calendar year that was 2017, the notion of a globally synchronized economic acceleration was all the rage. But then the central bank liquidity stopped flowing. And the trade wars started. And here we find ourselves, back to where we started so many years ago. Same as it never was.

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