Towards the end of the euphoria on the world stock markets?

As the global stock markets fly from record to record, it’s important to keep a cool head. Because this euphoria is due only to an exceptionally generous monetary policy. The health crisis offered central banks and states the possibility of going further than they had ever gone. Liquidity flows and thus increases the value of all asset classes: commodities, equities, real estate… But can we seriously avoid wondering about the probable end of this holiday? At the risk of spoiling the atmosphere, here are some scenarios.

In the very short term, the risk of inflation could mean the end of recess. If China or the United States were to feel a risk of slippage on prices more lasting than a simple technical rebound, then central banks will have to tighten the strings of the stock market, to avoid putting a risk on currencies. Deprived of liquidity, markets would then turn to corporate fundamentals to support valuations. And end the speculation.

The return of inflation?

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