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Christopher Langner

This Bubble's Got Legs

A contagion gauge shows the closest relationship among asset classes since 2008.

The whole world is moving together and signs of a massive bubble that spans asset classes are becoming clearer. Yet, given the driver is cash printed by central banks, indications it could pop are scant.

A Credit Suisse gauge known as the cross-market contagion indicator -- which tracks price relationships in equities, credit, currencies and commodities -- shows different markets are influencing each other more than at any time since at least 2008.