Macroeconomic environment
• The remarkable resilience of the US economy seems set to continue.
• The Chinese government is implementing measures to stabilise the property market and stimulate economic growth.
• Softer inflation has triggered a cycle of monetary easing on both sides of the Atlantic.
Financial markets
• The rotation observed on stock markets in the third quarter is set to continue.
• The main risk for stock markets at present is geopolitical.
• The main theme for bond markets in the years ahead will be to seek alternatives to G-7 government bonds.
