Global growth was solid in the first half of 2018, though that relative stability is thanks to a US economy that has been going from strength-to-strength. Indications are the global output gap is broadly closed as growth has improved, and global inflationary pressure will gradually continue to build. Overall, markets appear to be in transition mode as they enter the fourth quarter, and we expect this to remain the mood until early next year.
Read more on our outlook for the New Zealand and global economies, and across asset classes, in the October edition of Quarterly Strategic Outlook.
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