Economies are doing very well, thank you. In spite of the expected impact from the hurricanes, the U.S. economy’s growth in the third quarter surprised most observers, reaching 3% according to the initial estimates of the U.S. Department of Commerce. Growth in the previous quarter stands at 3.1%. In Canada, even though we knew that the 3.7% and 4.5% growth achieved in the first two quarters of 2017 was unsustainable, the projected rate for the third quarter is still 2%. So the final figure for 2017 is expected to be approximately 3%. Annualized growth of the global economy now stands at around 3.7%, and the manufacturing indicators (global PMIs) are almost systematically reaching unprecedented highs.
In the fourth quarter, the economic and political news was marked by a synchronized global economic upsurge, rapidly expanding corporate profits, the adoption of a sweeping tax reform bill in the U.S. and somewhat eased geopolitical tensions.