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From a macroeconomic perspective:
• The impact of Trumps’ election on the US economy is positive
The latest data shows the US enjoying economic momentum and improving growth prospects, driven by Trump’s win. We see continuing improvement for a broad range of economic indicators in the US such as GDP which has been expanding at the fastest pace since 2014 and the latest estimate reached 3.2 per cent for the third quarter of 2016.
• The UK is stronger than yesterday
The UK economy remains intact, with estimates for GDP rising 0.5 per cent in the third quarter, higher compared with the same period a year ago. The notable 0.9 per cent increase in growth for business investment (vs consensus estimates of -1.1 per cent) suggests the European referendum has – so far – had limited impact.
• The Eurozone is making a slow but steady recovery
The European economy remains on track for recovery. Overall economic growth in the Eurozone remains steady despite the political headwinds surrounding the economy through the course of the last quarters. GDP growth stays at 1.6 per cent for the second consecutive quarter.