Undimmed United States ‘exceptionalism’ seems improbable

The re-inflation of extreme relative US equity valuations can only be warranted if US ‘exceptionalism’ is truly unscathed. — Reuters

WITH heads still spinning from Wall Street’s 180 degree turn over the past six weeks, investors are sceptical over still ‘exceptional’ US stock market valuations that have barely flinched.

Few doubt a de-escalation of Washington’s trade war – for the next month or two at least – defused a panic.