Stock markets ‘overvalued by 10%’

Developed market share prices are looking expensive, according most strategists and brokers, with a majority in a global Reuters poll saying those major indices are due for a correction of 10% or more this year.

Stockmarkets everywhere have rallied so far in 2017, with Wall Street hitting record highs on hopes that the US administration will usher in financial deregulation and sweeping tax cuts.

However, the blistering rally stands in contrast to much more measured views from global fund managers, who have trimmed recommendations for equities or left them unchanged at best.