A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP
A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP
Nicholas Spiro
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

A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP
A man walks past a bank’s electronic board showing the Hong Kong share index on July 7. Photo: AP
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.