It’s been a hot summer, and not just in terms of weather. European and UK equities markets have matched US returns and are at record levels. Today on the show, Katie Martin talks with senior markets correspondent Ian Smith about the surprising returns for the old world.

Also they go long Wetherspoon pubs and long implied volatility. Save 10% on tickets to the London FT Weekend Festival with the code FTPodcast. For a free 30-day trial to the Unhedged newsletter go to the FT website.

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