The Romanian proverb says “a change of leaders is the joy of fools”. Global stock markets appear to agree. Despite very different political cycles, the developed world’s markets have been moving in lockstep since the turn of the century.  

Consider the example of Japan and the US. The Obama administration took power offering “change you can believe in” – a clean break with its predecessor. High support ratings and majorities in both houses gave it the opportunity to be bold.