Investors are increasingly disillusioned with extreme monetary policies, the pace of economic growth and the performance of equities in developed markets.
In virtually every country where central banks have moved interest rates into negative territory, equities have suffered. The most dramatic example is Japan’s Topix index, which is down over 15 per cent this year.
At the same time, cheap funding is not enticing companies in developed economies to invest. Capex in developed economies is currently contracting at an estimated 3 per cent rate, according to data from JPMorgan.
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