Bank for International Settlements sees danger lurking beneath exuberant markets

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The BIS tower in Basel

The recent period of rising asset prices hides a growing fragility in global financial markets, the Bank for International Settlements (BIS) has warned.

"Ample" monetary stimulus has helped drive strong rises in asset prices as investors hunt for higher yields, the BIS said in its latest quarterly review, published yesterday. But the upward trend has been marked by intermittent volatility spikes.

Mid-October saw "extreme" intraday price movements in global equities, the BIS said, and yields on 1

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