Stock markets totally out of sync with global pessimism
While the world economy languishes and company earnings fall, the S&P500 index keeps hitting new highs
Nobody likes uncertainty, whether it is markets, governments or companies. The world faces unprecedented ambiguity and, as a result, global economic growth is faltering and the outlook is darkening.
The 23rd Annual CEO Survey, by auditing and accounting firm PwC, highlights even more pessimism among business leaders than was evident a year ago. Until recently, local and global CEOs had been optimistic about the world economy.
In 2018 that optimism reached a record level of 57%, with more than half of survey respondents believing the global economy would improve in the coming year. It is quite extraordinary how that positivity has reversed into a record level of pessimism...