(May 29): Global stocks delivered another week of gains as investors cheered the reopening of economies and more positive developments on the Covid-19 vaccine front. Stock prices do appear to be running well ahead of the underlying economic — and quite possibly corporate earnings — recovery, for now. A successful vaccine will certainly accelerate the pace of normalisation.

In particular, the FAANG stocks — the popular acronym for Facebook, Amazon.com, Apple, Netflix and Google (trading under parent company, Alphabet) — have performed strongly in recent weeks, leading the US market higher. These stocks, plus Microsoft, are all trading near or at all-time record-high levels.

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