2016 was a volatile year for equity markets, defined by the unexpected outcomes of two key political events.
The first was the decision by the UK to leave the European Union in June, which led to sharp instability in global markets before a subsequent rally. The second was the surprise election of Donald Trump as US President in November. Global equity markets surged after the election outcome, while bonds sold off, amid bullish expectations regarding Trump's fiscal policy plans and its impact on US growth and inflation. As we head into the second quarter of 2017, we do so with an unconventional US president who has promised a program of fiscal stimulus, corporate tax cuts, less onerous reg...
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