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Investors may be finally ready to embrace the global stock rally, the Financial Times writes.

“Global equities have been climbing for much of the year and there are mounting signs that investors are beginning to shed some of the inhibitions that have lingered since the financial crisis,” the publication says.

Small-cap stocks have strengthened, for example, and growth-sensitive names have started outperforming defensive ones. In the U.S., cyclical industries like financials, energy, materials and industrials have bested defensive sectors like utilities, real estate and consumer staples over the past month, the FT writes.

And globally, nations’ economies are growing in synch: Growth among 45 countries is at its most correlated in 50 years or more, according to Bank of America.

“Of course, the seeds of a correction are probably now being sown,” the FT says. Global growth makes tighter monetary policy next year more likely, which could pinch off the rally.


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