Bull market still has room to run

It was hard to ignore Asian equity markets in 1998 because they kept falling for much of the year and helped trigger the summer's global meltdown. It is still hard to ignore them so far in 1999 because they have soared upwards, fuelled by signs of recovery and investor expectations that recovery will continue. But markets have a habit of overreaching themselves when trying to restore some level of equilibrium. In the past couple of weeks, in fact, sentiment began to emerge that Asia's economies and stocks were doing so well that local central banks would have to raise interest rates just t...