US stocks continue to trend higher, despite worries over high valuations.

If you didn’t have exposure to the US, or were wisely diversified away from it, you experienced as lacklustre a July performance as June’s. “Ignore US equities at your peril” was the headline in one financial periodical last week, and judging by the way US futures indicate the trajectory for US stocks at the start of August, you have to agree the author has a point.

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