Record-High Stocks Seen ‘Inevitable’ Amid Summer Drift

Equities are going nowhere and somewhere all at the same time. Summer can be drudgery and melt-ups monotonous. As August dawned scorching, markets meandered languid in a listless sideways drift that's had just enough of an upward bias to put record highs for the world's benchmark risk asset par excellence within reach. Although US shares briefly snapped out of the daze last week (when a Nikkei headline tipping the BoJ's decision to widen the allowable band for 10-year JGB yields conspired with