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Quarterly Bulletin Q4 – 2016

The climax of the fourth quarter of 2016 was undoubtedly Donald Trump’s election to the White House and, probably more so, the Republican majorities in the House of Representatives and the Senate. After a shaky night, risk assets reacted positively the following day. The new president is in a strong position to implement, without too much opposition, his stimulus program, combining tax cuts and increased public spending.