It looks as if 5 minutes in the past that America’s stockmarket was the one recreation on the town. Costs have been breaking data each different week; rivals all over the world had been left behind. Now traders’ religion within the nation’s exceptionalism has been shaken by a deteriorating outlook for financial development and Donald Trump’s erratic protectionism (see chart 1). Buyers are subsequently much less keen to pay far increased multiples of underlying earnings for shares in American corporations than for these listed elsewhere, a call that had been justified by fatter revenue margins and stronger development prospects.
