-
November 2024 Monthly
We have all experienced how capital markets exaggerate. A few months ago, the focus was on the carry-trade, then the unwind. More recently, it was the euphoria around the numerous measures Beijing announced to support the property and stock markets and the attempt to reduce the risk of the local government debt. And now, as the US election approaches, it has become an important market driver. If the markets were fully rational, we might explain that the maximum uncertainty requires discounting the most impactful result. It is ironic that a few months ago, the dollar was sold on ideas that Donald Trump would beat Joe ... (full story)