Lifting All Boats?

(1) Liquidity must go somewhere. (2) Wealth effect: Central banks waiting for Godot. (3) Not much bang per yen as Japan’s real GDP stalls. (4) Yen devaluation isn’t boosting Japanese exports. (5) BOJ becoming Japan’s biggest institutional investor. (6) Not much bang per yuan as China’s economy slows despite lots of credit. (7) IMF alarmed by China’s corporate debt. (8) Brexit has been bullish for UK MSCI. (9) Emerging Markets benefiting from go-slow Fed and rebound in commodity prices. (10) US still bringing home the medals in global stock market competition.