What sandcastles, turkeys and stock markets have in common

Better than expected inflation data in the US triggered a wave of relief on the stock exchanges. In the second half of the year, the basis for comparison becomes more demanding. “The Big Picture” also looks at five potential surprises.

“A crisis is usually much longer in coming than you think, and then it happens much faster than you would have expected.”
Rüdiger “Rudi” Dornbusch, German economist (1942–2002)