The past few years have seen a major global tech-stock boom. The eight biggest tech firms comprise Facebook, Alphabet (Google’s holding company), Apple, Netflix, Amazon and China’s big three, Baidu, Alibaba and Tencent. In 2017, these eight stocks collectively gained around $1.7trn in market value. To put this sum in context, says Sofia Horta E Costa on Bloomberg, it’s higher than the total value of the 30 companies in Germany’s benchmark Dax index, and eclipses Canada’s annual GDP. It also took Pimco, a giant fund manager, 46 years to amass $1.7trn in assets.
“It is striking how many similarities [Edward Heath] had with… Theresa May… Both PMs were/are… uncomfortable on the campaign trail… Both talked of relaunching their party’s political philosophies but struggled to turn their principles into practical policy. Both called early elections and suffered disappointing results. And both have been overwhelmed by turbulent times… But there is a striking difference; the financial markets. Heath presided over a collapsing stockmarket and soaring bond yields; May has seen a slump in the pound but the FTSE 100 has hit record highs and the government can borrow at 1.3% for 10 years. One wonders, however, just what would happen if investors thought Corbyn would actually get into power.”