’s broadest index of global stocks has also risen by 24%. Such a bull run offers inevitable temptations to the bosses of private firms. With prices having risen so much, perhaps now is the time to sell a chunk of the company’s shares to public investors and get a healthy slug of capital in return.
Meanwhile, the listings that have already taken place suggest a market that is hungry for more. Oddity Tech, a beauty outfit that perhaps inevitably uses artificial intelligence to develop its products, listed on the Nasdaq on July 19th. It saw demand for its offering vastly outstrip supply. The firm sold $424m-worth of its shares, while investors placed orders for over $10bn.
There is now a growing sense, both in markets and among economists, that the Fed’s rate rises are at or near an end. Yet uncertainty over how long rates will stay high persists, largely due to the surprising