Stock markets everywhere are getting smaller. This is probably a good thing.
Look beyond the wallowing and schadenfreude that surrounds London’s dawning irrelevance and there’s much broader, quieter trend of de-equitisation afoot. Europe’s net buyback yield — that is, share buybacks net of issuance — has just turned positive for the first time in history, according to Bank of America research. The Stoxx 600 Europe has moved into line with the S&P 500, where repurchases have been outstripping issuance for a couple of years.
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