Rerating.Sunday papers.5 Dec 2020 22:27
Is there a rerating against America? Well, there has been something wider going one, which is not so much London catching up with Wall Street, but so-called value shares being upgraded against growth ones.
Value shares, put crudely, are those of companies that do the basics: household goods, food products, oil and gas, clothing, cars, financial services and pharmaceuticals. With the exception of the last one, pharma, they have been pretty unfashionable.