The increasing breadth of the global economic expansion suggests the global expansion is sustainable and will last longer, with the US demonstrating the most advanced recovery in the current economic cycle. This has resulted in inflation picking up in the US but moving sideways at low levels in the Eurozone, supporting monetary policy divergence. Steady growth is supporting subdued market volatility, and this is supportive of growth assets. Geopolitical risks have the potential to disrupt markets, with the North Korean missile and nuclear weapons program a major threat to regional stability. However, an all-out war is a low probability event as the costs are too high on all sides.