The Charging Bull statue near the New York Stock Exchange. The bull run has taken on death-defying qualities. Photo: Kyodo
Anthony Rowley
Opinion

Opinion

Macroscope by Anthony Rowley

Stock markets cannot be the only sun at the centre of the economic universe

  • Central banks have been complicit in keeping stock markets revved up and feeding asset bubbles, but with monetary policy near exhausted, fiscal stimulus will have to take over. Expect an end to the bull run

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The Charging Bull statue near the New York Stock Exchange. The bull run has taken on death-defying qualities. Photo: Kyodo
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A view of the Federal Reserve building in Washington. In one of the most important shifts in investor sentiment since the 2008 financial crisis, the expectation of more monetary stimulus is no longer enough to lift stock markets. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Investors’ loss of confidence in monetary easing comes at a worrying time for the world economy

  • In Europe and America, central bankers are divided over the need for loose monetary policy. More importantly, market regard for their ability to boost a flagging economy has fallen dramatically, undermining the effectiveness of such policies

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A view of the Federal Reserve building in Washington. In one of the most important shifts in investor sentiment since the 2008 financial crisis, the expectation of more monetary stimulus is no longer enough to lift stock markets. Photo: AFP
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