A remarkable chart caught my attention this week. I had to re-read the title to check I wasn’t hallucinating.
The chart showed that since the start of this year, the FTSE 100 had outpaced the Nasdaq – and outperformed it bigly.
While the US index has tumbled 6% since the start of the year, London’s premier index was up 5%. There hasn’t been quite such a pronounced difference in the fortunes of the two indexes in a long time – at least, not in the FTSE’s favour.
This is only two months of data, of course, so it’s a bit premature for suits in the City to start popping champagne. And there are reasons to think this trend won’t last....