According to data from the Kobeissi Letter, approximately 60% of global stock markets hit all-time highs in the past 21 days, the highest level in two years. Major markets including the United States, Canada, Japan, the United Kingdom, and Germany all broke records, and this proportion has more than doubled in the past few weeks. The S&P 500 index alone has hit 37 all-time highs this year, the third highest number since 2017, second only to 57 in 2024 and 70 in 2021. The report indicates that the global bull market for risky assets is accelerating.