A stark shift in investor sentiment in global equity markets has accelerated this year with a widening gulf between the market value of big US banks and commodity companies in emerging markets.
Five years ago, just ahead of the collapse of Lehman Brothers investment bank, the market capitalisation of US banks fell below the value of energy, materials and mining companies from the Bric countries – Brazil, Russia, India and China.
The switch appeared to highlight a shift in global economic power and the rise of fast-growing economies beyond North America and western Europe.
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