Markets Live, Friday, 12 November, 2021


Goldilocks famously liked her porridge neither hot nor cold. As such, she’s lent her name to market conditions that are not too weak for growth nor so strong that central banks feel compelled to douse the economic fire.

That’s pretty much what we are enjoying today. The combination of yet another buoyant corporate results season together with persistently accommodative monetary policy is about as clear a definition of a Goldilocks investment backdrop as we are likely to see. No wonder the stock market has just enjoyed a record-breaking series of new highs.

Wall St has been buoyant thanks to a strong corporate earnings season and persistently accommodative monetary policy.Credit:AP

This week shares completed their longest run of all-time highs for nearly 25 years. The key US benchmark, the S&P 500, has closed at a record level more than 60 times this year. It is up 25 per cent since January, a third higher than it stood 12 months ago. Shares have…

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