Wednesday 19th August 2020US stocks continue to rise to record highs, helped today by strong housing starts and building permits. Phil Dobbie asks NAB’s Tapas Strickland whether there’s too much optimism about the rate of recovery and that’s showing in overvalued assets, including stocks and gold. Maybe the FOMC minutes will bring us down to earth tomorrow morning, although the news that Nancy Pelosi has indicated she’ll agree to go halfway on a fiscal stimulus deal might add to market enthusiasm.

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