There is another new taunt in the "yah boo sucks" slanging match between the City of London and Wall Street. The value of European stock markets has eclipsed that of the US.
The moment slipped past unnoticed last Thursday, but make no mistake, it was a historic occasion. Totting up the value of all the companies on the 24 stock markets of Europe, from west to east and taking in Russia and Turkey, you get $15.73 trillion. That's a nudge ahead of the total of US-listed companies, and you probably can't have said that since the end of the First World War.