On the economic front, second-quarter growth was at slightly more than 4.1%, a level not seen in four years. We maintain a positive view of global growth and equities in general but with some downside risks increasing at the margin.

Gross domestic product (GDP) grew by a surprisingly stronger-than-expected annualized pace of 2.3% in the first quarter of 2018, representing the best first-quarter growth in three years. Meanwhile, muted wage growth reinforced the Fed’s gradual approach to raising interest rates.

The slight acceleration in GDP growth came from stronger numbers in consumer spending and rising inventories. We expect economic growth to increase in the first half of 2018 due to tax cuts with a possible slowdown in the second half of the year.