2017 was a year with all planets aligned: PMIs were accelerating all around the globe, while central bank money was still flooding in; and the dollar weakness was the only weak point for European exporters, but did not restrain markets from rising steeply.
This year is less straightforward. PMIs are slowing down, albeit still standing firmly above the 50 threshold, thus pointing towards expansion; the dollar/euro parity is stabilising but remains a headwind...
'Following the letter, but not the spirit, of the rules'
Tech giant still stands out
Reduces chances of rate hike
Designed to park short-term cash