Equity markets are being driven by the fact that bond yields have collapsed.
It says something about the challenges the UK market faces when Brexit is not the biggest risk investors fear.
Despite some emerging evidence that Europe's economic prospects may be stabilising, the direction of the region's equity markets remains determined by extraneous factors, notably the progress of ongoing US-China trade negotiations.
Brexit and US-China tensions still to deal with
Equity funds see continued outflows
Experts fear 'tit-for-tat tariffs' could spark financial slump
The UK market is a fantastic contrarian investment for those investors able to take a longer-term approach to their portfolio.
Political risks front and centre of economist's speech