Stock market investors might have been expected to run for the hills in the face of an extraordinary surge in global borrowing costs, currency interventions, wars, oil back above $100 a barrel and warnings that AI might wipe out humanity. Yet the most widely tracked world equity indexes are just 2% off their all-time highs and up more than 12% for the year after another $3 trillion tick higher during a tumultuous third quarter. Instead it has been G10 government bonds, ultra-safe assets…
