Global equities are supported by stealth stimuli in the US

This monthly commentary gives a roundup of global markets and trends.

In this edition:

• We explore how global stock markets are being boosted by stealth stimuli, such as fiscal easing and record immigration, in the US
• Improved market liquidity has lessened the full impact of interest rate hikes on the US economy and equities
• Risks, such as geo-political tensions, stretched valuations, re-acceleration of inflation and elections, still pose a threat
• We predict that the US bull market still has some way to run as we reflect on past bull markets going back to 1969