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The story of stocks in the first half of 2024 is unambiguously sparkly. The US benchmark S&P 500 index is up around 15 per cent. Its tech-heavy cousin the Nasdaq Composite has climbed even further. Most of Europe is having a decent run, including even the UK (but not you, France), and Chinese stocks have finally stopped bleeding out.
Central banks are indulging in an only slightly…
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