Highlights:

• The global economy is benefiting from a broad-based, cyclical recovery, supported by higher levels of investment and accommodative monetary policy.

• The US economy ended 2017 on a slightly shaky footing, although the overall employment situation continues to improve and the bond market is anticipating further rate hikes.

• Growth in Europe continues to surprise on the upside, supported by rises in private consumption and business investment.

• The Chinese economy slowed marginally in the December quarter, with GDP growth falling to 6.8% and PMI figures lower than expected.

• The Australian economy continues to improve, although weaker than expected inflation all but scuppered the chance of a February rate hike.

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