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Global share valuations may look stratospheric but there seems little sign of a near-term catalyst to spark an end to the party
Still making the world go roundLast year may have thrown up more you-cannot-be-serious moments than any year since John McEnroe dazzled Wimbledon with the tightness of his shorts and the bounciness of his perm, but the overriding memory for investors in global equities will be one of a remarkable swelling in their trouser department, if that is indeed where they keep their wallets. The FTSE all-world index struck nigh on 22% in the year, its fourth-best yearly effort since the benchmark kicked off in 1993. Not even the arrival of a buffoon in the White House could stop the charge, and growth continued apace across major markets, commodity prices recovered and earnings growth proved robust. The markets basked in a Panglossian fog of happiness, shrugging off the occasional Steinhoff in a surge of positive momentum with volatility at a record low. Valuations may now look stratospheric on a historical basis, but there seems little sign of a catalyst to spark an end to the party in the s...
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