Greenbacks, green shoots and greener pastures
Global investor sentiment has turned positive. Fears of a global recession that pushed $17 trillion of bonds into negative yielding territory mid-year are abating. The US benchmark equity index, the S&P 500, hit a fresh record high last week, as did the global benchmark MSCI All Countries World Index (ACWI) if dividends are included. Gold is down almost $100 from its September peak of $1548 per ounce, a six-year high.