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2014: year of the stockmarket surge

Bad economic news could still be good news for the markets

By George Magnus  

2014: year of the surge

“In China, the ratio of credit to GDP rose from 100 per cent before the financial crisis to 230 per cent in 2013… We know how this story will end”

© Bloomberg via Getty Images

Equity markets in developed economies had a second consecutive banner year in 2013 with markets up around 10-15 per cent in Europe, 25 per cent in the US, and about 50 per cent in Japan. Most strategists think that markets, which have been rising for five years, have…

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