Sometimes you just have to step back and laugh. Three times in the last two years, global stock markets have lurched higher four times (fed by a hosepipe full of central bank largesse) only to fall rapidly back to the fundamentally weak reality of the global economy. If ever there was a chart that summed it all up - and highlighted the inexorable optimism that this time it really is different - the current chasm between Global Manufacturing PMI and MSCI World suggests either stocks are off in fairy-land again or there is about to be the biggest surge in the global economy since 2009 (right as currency wars escalate and the debt-ceiling debate in the US threatens more fiscal drag).
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and meanwhile the divergence between developed markets (down) and emerging markets (up) continues to grow...
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