Talk of irrational markets has all but ceased in the past few weeks and not only because European politicians were on holiday. When markets go up, few feel the need to criticise. Yet the recovery since late July should be questioned.
The broad stock market rally began at the start of June but was driven by defensive shares least exposed to an economic downturn. True, cheaper “value” stocks outperformed more costly growth stocks, but it was hardly a dash for trash.
In the past three weeks something has changed: investors have started to bet on a stronger economy.
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