A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP
Opinion
Opinion
Macroscope by Nicholas Spiro
Why overpriced stock markets are headed for a major correction
Low bond yields caused by central banks’ ultra-loose monetary policies leave income-starved investors with little choice but to remain invested in equities
The combination of ever-loftier valuations and rising volatility associated with the withdrawal of stimulus will eventually prove too much for stock markets