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Deutsche Bank Says Best Stock-Bond Run Since 1800s Under Threat

  • Prices in 2020 reached most expensive level across 15 nations
  • Bank sees globalization reversing during the ‘Age of Disorder’
Aerial Views of Germany's Financial Capital
Photographer: Alex Kraus/Bloomberg

The best run for stocks and bonds over the past 160 years is ending as a new “age of disorder” looms, according to Deutsche Bank AG’s famous overview of markets spanning 200 years.

The rally that brought combined equity and debt prices across 15 developed markets this year to their highest level since at least the 1860s is buckling thanks to big shifts in the political economy, according to the bank’s research team.