Record-high global stock markets do not reflect the risks in the global economy, and will fall back, a deputy governor at the Bank of England has said. Sarah Breeden, the deputy governor for financial stability at the Bank, fears that macroeconomic risks are not fully priced into equity markets. She cited concerns about private credit markets , highly valued artificial intelligence stocks, and other “risky valuations”. Breeden told the BBC: “There’s a lot of risk out there and yet asset prices are at all-time highs. We expect there will be an adjustment at some point.” The US stock market hit a record high earlier this week as investors shrugged off fears that the energy shock sparked by the Iran war is hurting the global economy and driving up inflation. Japan’s Nikkei 225 index ended the day at a record closing high, lifted by a rally in technology stocks after the chipmaker Intel beat forecasts with its latest results on Thursday night.…