As we indicated last month , the global business cycle gradually recovered in the course of the year from the low it hit in the first quarter of 2016, before getting a further, undeniable boost in November from Donald Trump’s unexpected win at the polls.
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![[Main Media] [Carmignac Note]](https://carmignac.imgix.net/uploads/NextImage/0001/03/%5BMain-Media%5D-Carmignac%27s-Note_Market_Analysis.jpg?auto=format%2Ccompress&fit=fill&w=3840)