The fundamental backdrop for global markets remains constructive as we head into the final month of the year. Global economic growth indicators, such as consumer and business confidence and machinery and equipment orders, have remained near 8- year highs across the manufacturing and service sectors in most major economies. This has translated into ongoing economic and earnings forecast upgrades over the past month suggesting the economic expansion could sustain this year’s solid pace into 2018. This should help the current growth cycle’s duration (now at approximately 8.5 years) approach the longest expansion cycle on record in the post-WWII era (10-years: 1991- 2001). As a result, a number of major equity markets in North America, Europe and Asia hit new all-time highs in the month of November. Notwithstanding occasional bouts of profit-taking, we remain bullish on equity markets heading into year-end and the new year.