Don’t ignore prospects for global growth

Do you happen to have €100 on deposit? If so, its value appreciated by over 20% in one day last week.

That’s if you measure it in Kazakhstani Tenge, the currency of a country with 17 million inhabitants which saw its exchange rate collapse amid a flurry of volatility in financial markets.

The Tenge may be an extreme example, but the key point is that huge levels of price movement has flowed over global equity, debt, commodity and foreign exchange markets in recent weeks and that tempo has got worse in the past seven days.