4 to 11 December – Not Over Yet

Last week there were positive political developments in Europe (on Brexit and German government) and next week we have 3 major central bank meetings (FED, BOE, ECB). Indeed, 2017 is set to keep investors busy all the way to the end of the year:

  • In the US, Trump could pass his tax reforms before January.
  • In Chile, there is the second round of the Presidential election next Sunday, which is finely balanced and likely to be market moving given the gulf in investor approval between Pinera (positive) and Guillier (negative).
  • In South Africa, a country that has suffered a slow-down in growth and surging unemployment under Jacob Zuma (and last week felt a shockwave of corporate scandal from allegations of irregularities at Steinhoff), ANC elections (16th – 20th) will determine whether Ramaphosa or Dlamini-Zuma will take over leadership. Whilst the former could reinvigorate business sentiment, the latter risks a slide into the economic quagmire.
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