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The rally in global stocks led by the US has taken some indices close to their record highs made before the Covid-19 outbreak. The Nasdaq composite has gained 46% since bottoming out on March 23 and is only 1.6% away from its all-time high, while the S&P500 is up 42% for the same period and just 8.7% from its record. This has now officially become the strongest ever rally following a major shock.I admit that I am astonished by how far risk assets have moved over the past 50 days, and one thing we might have learned is to follow the central banks regardless of our views on economic... Read More

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