The world economy is growing solidly thanks to rising business and consumer confidence.
Economic momentum should continue in 2018, although policy tightening would moderate growth in some countries.
Inflation pressures to remain relatively muted, allowing a gradual central bank normalisation.
The scenario is bullish for global equities and moderately bearish for bonds.
An upside inflation scare in advanced economies, a more pronounced slowdown in China and trade wars could trigger a significant sell-off next year.
A Chinese debt meltdown or a North Korea war remain the low probability-high impact events of 2018.
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