Last week major global stocks finished higher with light summer trading, courtesy of vaccine optimism and positive economic data. In U.S. retail sales jumped more than 7%, close to its pre-virus level and industrial
production increased the most since 1959. In Europe, stocks benefited from renewed investor popularity. Fund managers “bought Europe on fiscal stimulus”, i.e. the new proposed €750 billion EU recovery fund. According
to the Bank of America Fund Manager Survey their allocation to euro-area stocks jumped nine percentage points to 16% overweight, largely banks….
