Even for this resilient bull market, the threats are starting to multiply
So much for the idea that bull markets in shares die of old age. This theory has been widely touted for at least the past four years and, 12 months ago, it seemed as if the naysayers were on to something. Global share prices, as measured by the broad MSCI World index, fell 3% in 2018, with much of the blame pinned on the brewing China-US trade war. But then came 2019: a surge of 24% in the same index.
Life doesn't seem quite as nice if you gaze solely at the FTSE 100 index - a fall of 12.5% in 2018 and a rebound of 12% in 2019. Still, last year was the best performance in three years for the London market's blue chip index. Death by old age did not occur.
A change in the interest-rate weather is the most common cause of a turn in stock markets
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