Recent economic data continues to show that the major economies are all growing and that global growth is accelerating.
In Japan, the recent elections returned Prime Minister Shizo Abe’s Liberal Democratic Party with a larger majority allowing a continuation of Abenomics.
In the US, markets reacted favourably to the details of the Republican tax reforms and news that Jerome Powell will be nominated as the next Federal Reserve Chairman.
In China the 19th Communist Party Congress elected Xi Jinping for another five years as President and General Secretary paving the way for further reform of the Chinese economy.
Australian employment continues to grow strongly helped by strong business conditions.
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