In this outlook, we take a look at following topics:

  • The market narrative for the year ahead as well as where we see opportunities in 2017.
  • The single most important event of the last quarter – the election of Donald Trump – and what challenges and consequences we think this suggests for markets in the foreseeable future.
  • The cyclical upswing in the US which has revived animal spirits and buoyed expectations in global growth.
  • The process of fiscal reform and fiscal stimulus and why they could be messy and drawn out.
  • The ECBs conditional retreat from quantitative easing and our expectations that the bank will further taper the pace of purchases at the start of 2018.

To read or download the commentary, please click here.