Frankfurt at an all-time high, Tokyo almost. But the stock market rally is anomalous

Listen to the audio version of the article

For a few hours now, the German Stock Exchange has been traveling in uncharted territory. The Dax 40 index has accomplished what operators call a “blue sky break-out”, ie the breaking of that wall represented by the previous record. Above there is nothing, but only new bricks (contracts) possibly to be built. This is not an isolated behavior. The Tokyo Stock Exchange has also awakened from a ten-year torpor with the Nikkei index which in recent weeks has achieved various shots that have led…