The global economy is benefiting from a broad-based, cyclical recovery, supported by higher levels of investment and accommodative monetary policy.
The US economy ended 2017 on a slightly shaky footing, although the overall employment situation continues to improve and the bond market is anticipating further rate hikes.
Growth in Europe continues to surprise on the upside, supported by rises in private consumption and business investment.
The Chinese economy slowed marginally in the December quarter, with GDP growth falling to 6.8% and PMI figures lower than expected.
The Australian economy continues to improve, although weaker than expected inflation all but scuppered the chance of a February rate hike.
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