Monday macro - the tech leviathans are still expensive, UK stocks close the gap, VC valuations start to adjust and China leads the way on electric cars

Plus why an aging society crimps growth, and Japan’s mountain of debt

S&P 50 metrics and Tech Leviathan valuations

So far so good for the markets in 2023. Quant analysts at SocGen nicely sum up the current state of play thus :

“Investors appear to us to want a recession as soon as possible, so markets can get on with a pivot in monetary policy and lower bond yields to help support still expensive asset valuations. We see li…