Bags, how much is missing in the record? In Milan 110%, in Athens 665%, in Tokyo "30 years"

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The risk appetite is back on the stock exchanges. From the minimums of the period touched in August, the capitalization of the lists increased by almost 5 thousand billion dollars, positioning in the area of ​​81,500 billion. A nice leap due above all to the relaxation on the trade war (on November 12, US President Donald Trump confirmed that he was close to "a mini-agreement with China").

Even it further slippage of Brexit has softened the tensions a little. As well as the renewed accommodating attitude of the central banks has played its part (since November 2019 the second quantitative easing of the ECB has started, since July the Federal Reserve has cut rates three times and in fact introducing liquidity to stabilize overnight rates has in fact launched a new, fourth, quantitative easing “masked ).

Investors have therefore shifted liquidity from safe haven assets to the more profitable investment classes, or shares. So that Wall Street has updated the all-time highs on all three main indices. The best stock exchange in Europe since the beginning of the year is Piazza Affari which scored a partial + 30%. However, the Milanese list is still very far (110%) from the historical maximum to 50,108 points reached on 6 March 2000.

Among the big stock exchanges the next one that could soon update the highs is Frankfurt. At present the peak of January 23, 2018 is just two percentage points. The longer the road to Paris missing 17% to return to the levels of September 2000 while a London there is less (7%) to return to unexplored territory and exceed the record of 22 May 2018 (also reached in full chaos Brexit).

How much is missing to Japan? In percentage terms 65%, in years the stock exchange is the furthest away from the glories that date back to December 29th 1989 when the Nikkei flew at 38.915 points (on November 12th 2019 it traveled at 23.520). Also Shanghai it has a lot to run to get back to its highest point, which is October 16th, 2007. 109% is missing – as for Piazza Affari. But the record of the most distant stock exchange to review the record belongs to Athens. Despite the strong recovery recorded since the beginning of the year (with a leap of more than 50%) to the Athex composite index it would take a 665% leap to get back to where it once (September 1999) was celebrating its beginnings.