Morgan Stanley, Oxford Economics and IHS Markit think American capital spending by companies (capex) is set to soar (chart below), certainly in an historical context as gross domestic business investment as a share of GDP has been sluggish since the early 1980s. Executives of S&P 500 companies are the most bullish about capex since 2006. Certainly some are spending freely, global tech companies are due to boost capex by 42% this year. Some of this is . . .
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