Where's the good summer mood? It is not around this year. Are people just too hot in the record high temperatures? Or perhaps it is record highs of another kind that are troubling investors – because, after the central banks' quite exceptional global-market-warming performance in June, the markets look way too hot.
This market climate change has produced things that do not look normal. There is an unusually large gap, for example, between market prices and the positioning and sentiment of professional investors. And trading volumes on the stock markets, too, are dull and not at all record-high euphoric. One reason could be the constant concern about trade disputes, combined with the vague suspicion that even the much anticipated G20 summit might not bring any clarity. And that is indeed what has happened.
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