December marked the end of an extraordinary year for the world's major stock exchanges, with a final toast as New Year's Eve approached. The long-awaited Christmas rally did not fail to materialise: the S&P gained 4.4%, the Nasdaq100 rose 1.1% and Europe outperformed its American big brother by 5.4% (Eurostoxx50). Two indices from non-European Union (EU) countries also managed to rise by 5.47% (Switzerland, SMI) and 4.6% (England, FTSE 100). This exceptional result reinforces the figures [...]
DECEMBER COMMENT 2021 - RATIONAL EXUBERANCE AND IRRATIONAL PESSIMISM?