When I think about global stock markets these days, the image that springs to mind is the final scene of The Italian Job – the iconic 1969 original, not the tacky 2003 remake. “Hang on a minute, lads,” says Charlie Crocker, Michael Caine’s heistmaster-in-chief, as he and his rogue brethren balance precariously in a bus loaded with gold on the edge of an Alpine cliff. “I’ve got a great idea”.
The film ends ambiguously, of course. As the credits roll, viewers are left guessing as to whether the gang gets the loot and to safety, or plunges into the depths of a rocky ravine. Well, I’m similarly ambiguous about the state of global markets and the related prospects for the world’s large economies, not least the UK. It strikes me, in fact, that the whole economic shebang is balanced on a knife-edge.