Global markets continue to benefit from solid fundamentals, bolstering our bullish positioning strategy. The economic expansion is running near highs for this cycle with global GDP running at 3%+ aided by both solid consumer spending and a recovery in business investment outlays. The broadening out of economic momentum from the U.S. to other major economies including Canada, Europe and Asia has improved the resiliency of the global economic expansion, now in its ninth year. Healthy activity has helped to drive corporate profitability growth with earnings growing at double- digit rates across major markets. Combined with signs central banks are set to tighten monetary policy at a modest pace as recent inflation readings stabilize and begin to rebound toward 2%, risks of overly aggressive rate hikes seem negligible.