Teflon-coated S&P 500

Continued weakness in EM equities will ironically lead to capital flows into India as global investors seek a hiding place

The US stock markets have crossed into a record territory, the longest bull market on record. They have just crossed the 1990 to 2000 bull market record of 3,452 days of consistently rising prices, with no correction of even 20 per cent. The markets have hit new highs and seem to show no sign of stopping. The US equity markets have been the place to be since the financial crisis, and have totally broken away from other regions since 2013. Just to give some context, if one were to rebase all equity markets to 100 (starting March 2009), then today