Global markets are less volatile than at any time in almost a decade as central bank intervention sends share prices to record highs and interest rates to historic lows.
Gauges of market volatility for currencies, equities, bonds and oil have all plummeted, with analysts attributing the falls to the widespread view that official interest rates will remain exceptionally low for a long time.
Global stocks hit an all-time high yesterday, with the FTSE All-World index up 0.2 per cent in late London trading to 281.48, while borrowing costs for some European countries fell to levels not seen for centuries. The yield on Spanish 10-year debt fell below that of the US for the first time since 2010.
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