2017: The year all planets aligned

Is the best behind us?

2017 was a year with all planets aligned: PMIs were accelerating all around the globe, while central bank money was still flooding in; and the dollar weakness was the only weak point for European exporters, but did not restrain markets from rising steeply.

This year is less straightforward. PMIs are slowing down, albeit still standing firmly above the 50 threshold, thus pointing towards expansion; the dollar/euro parity is stabilising but remains a headwind for European exporters; central banks are willing to increase interest rates, but this is happening only in the US at this stage while inflation is moderately accelerating; and political action is not helping sentiment on global growth. European Hidden Champions - investing in Europe's most innovative and exciting businesses Is the best behind us? Probably in the US where the cycle i...