by Matthew Lynn
Stock markets around the world are hitting record highs. The global economy appears to have stabilised. Inflation is subdued, and there is still some growth left in this business cycle.
Even the eurozone’s permanently fragile banks have passed their latest round of stress tests, and Brexit, for all the hype, turned out to be about as big a shock for the global economy as Taylor Swift’s latest break-up. It looks like we can all safely head off to the beach somewhere sunny, relax, and forget about our portfolios. There is nothing much to trouble the global markets.
But – uh, oh – it’s August. And August is usually the most torrid month for the markets.