Investors chase US stocks as valuation risks mount

New York Stock Exchange: American consumers are in bullish mood, with a record number expecting stocks to advance in 2025. Photograph: Gettyis up more than 50 per cent over the past two years, its best two-year run since 1997-98, before the eventual bursting of the dotcom bubble.

Irish economist Michael O’Sullivan, formerly of Credit Suisse, is concerned by “stratospheric” US valuations. He expects a “very meaningful rotation” from US stocks to cheaper markets, especially Europe, in 2025, with the election of Friedrich Merz as German chancellor in February a potential catalyst.

Bank of America’s most recent fund manager survey shows the attitude is one of “max Americana”, with a record-high allocation to US stocks and a record-low allocation to cash.

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