* Graphic: Global asset performance tmsnrt.rs/2yaDPgn

* Graphic: World FX rates tmsnrt.rs/2egbfVh

LONDON, April 12 (Reuters) – Global stock markets slid off record highs on Monday as investors waited to see whether U.S. earnings would justify sky-high valuations, while a rally in bonds could be tested by what should be strong readings for U.S. inflation and retail sales this week.

MSCI’s All Country World Index, which tracks stocks across 49 countries, was down 0.25% after the start of European trading, off Friday’s record high. The gauge’s price-to-earnings ratio is at its highest level since early 2010. Stocks hit record highs across the world last week on optimism that vaccination programmes and the easing of lockdowns to combat COVID-19 would bode well for an economic rebound.

Morgan Stanley noted that despite the S&P 500 making new all-time highs, small cap stocks represented by the Russell 2000 small cap index have…

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