Economic information that works for you ResearchWeeklyCommentsResearch NotesAd-Hoc researchS.E.EStellenbosch Working Paper Series BER Weekly (Archive) Short report that reviews important global and domestic financial market and economic data developments of the past week. The BER Weekly is released on Monday mornings. 2019 2018 2017 2016 2015 2014 2013 BER Weekly, 18 April 2019 Last updated: Apr 18 2019 2:26PM Despite the shorter week, there was still some domestic data to digest, namely consumer inflation and retail sales. While inflation moved in line with the consensus predictions (albeit lower than our expectation), the outcome for retail sales beat read moreDespite the shorter week, there was still some domestic data to digest, namely consumer inflation and retail sales. While inflation moved in line with the consensus predictions (albeit lower than our expectation), the outcome for retail sales beat expectations. Nonetheless, growth in retail sales remains weak and although the March data is still outstanding, the broader internal trade category will likely be a drag on 2019Q1 GDP. On the international front, the latest US trade performance and Chinese data (including 2019Q1 GDP growth) largely fared better than expected. BER Weekly, 15 April 2019 Last updated: Apr 15 2019 11:33AM On the domestic front, incoming data for 2019Q1 continues to disappoint. The latest mining and manufacturing output data suggest that GDP growth could slow notably in Q1, with a contraction looking increasingly likely. The rand ignored the raft of read moreOn the domestic front, incoming data for 2019Q1 continues to disappoint. The latest mining and manufacturing output data suggest that GDP growth could slow notably in Q1, with a contraction looking increasingly likely. The rand ignored the raft of disappointing domestic data, strengthening to below R14/$ - more on this in the Markets section. In international news, the European Central Bank (ECB) stuck with its current accommodative monetary policy stance, suggesting that further stimulus might be on the cards should growth remain subdued. We also unpack inflation data from the US and China, as well as the latest Chinese trade statistics. BER Weekly, 8 April 2019 Last updated: Apr 8 2019 12:15PM Last week, financial markets continued to digest the ratings reprieve offered by Moody’s, with the rand ending up a clear winner – the domestic unit strengthened by almost 3% against most major currencies. Domestic data releases, however, suggest that real read moreLast week, financial markets continued to digest the ratings reprieve offered by Moody’s, with the rand ending up a clear winner – the domestic unit strengthened by almost 3% against most major currencies. Domestic data releases, however, suggest that real economic activity remains in the doldrums, with new passenger car sales and the Absa Purchasing Managers’ Index (PMI) painting a gloomy picture. On the international front, the latest data shows that the US economy continues to chug along at a healthy pace. In contrast, growth appears to be slowing in the UK and the Eurozone (EZ). This week, all eyes will once again be on the ongoing Brexit negotiations. It remains to be seen whether UK lawmakers can agree on a Brexit deal before the current departure date, set for 12 April. BER Weekly, 1 April 2019 Last updated: Apr 1 2019 11:34AM Against the general expectation, but as was the case in late 2018, Moody’s credit agency again decided to skip (as they are entitled to do) a scheduled pronouncement on SA’s sovereign credit rating on Friday. This implies that the rating remains at one notch read moreAgainst the general expectation, but as was the case in late 2018, Moody’s credit agency again decided to skip (as they are entitled to do) a scheduled pronouncement on SA’s sovereign credit rating on Friday. This implies that the rating remains at one notch above sub-investment grade, with a stable outlook. Domestic financial markets responded positively to the news this morning (see markets section). Although Moody’s reprieve is cause for relief, the current environment of weak SA real GDP growth and numerous fiscal risks (illustrated again last week by Sanral’s decision to ‘temporary’ suspend e-toll summonses) suggest that the risk of a rating outlook change and ultimately a credit downgrade will remain in the foreseeable future. Before the Moody’s decision, the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged. Other domestic news included an acceleration in producer inflation, an improvement in employment numbers and a modest trade surplus in February. Internationally, the US reported a smaller trade deficit in January, while trade negotiations with China resumed last Thursday. In China, purchasing managers’ indices (PMIs) ticked up above the neutral-50 mark, while in Britain no progress has been made on the way forward regarding Brexit. BER Weekly, 25 March 2019 Last updated: Mar 25 2019 10:22AM Last week, financial markets were surprised by a more dovish-than-expected monetary policy statement from the Federal Reserve (Fed) in the US. In response, a section of the US yield curve inverted. As expected, the Bank of England (BoE) also held its policy read moreLast week, financial markets were surprised by a more dovish-than-expected monetary policy statement from the Federal Reserve (Fed) in the US. In response, a section of the US yield curve inverted. As expected, the Bank of England (BoE) also held its policy rate unchanged. Besides monetary policy, flash PMI data from key economies continue to point towards a slowdown in global growth. Domestically, the consumer and trade sector came into focus. In February, headline consumer inflation remained safely below the 4.5% midpoint of the target range. In the trade sector, real retail and wholesale sales improved marginally in January. However, nominal sales were not much higher, an indication that trade inflation was running below headline consumer inflation at the start of this year. In the week ahead, news will be dominated by Moody’s judgement of the SA economy on Friday. Read more in the current affairs section. BER Weekly, 18 March 2019 Last updated: Mar 18 2019 11:21AM Domestic economic data released last week indicates that growth momentum remained poor at the start of the year. In the domestic section, we discuss the latest reading for the RMB/BER Business Confidence Index (BCI), along with mining and manufacturing output read moreDomestic economic data released last week indicates that growth momentum remained poor at the start of the year. In the domestic section, we discuss the latest reading for the RMB/BER Business Confidence Index (BCI), along with mining and manufacturing output for January. On the international front, we briefly discuss the latest Brexit developments, as well as activity data out of China and inflation figures from the US. BER Weekly, 11 March 2019 Last updated: Mar 11 2019 10:17AM Last week, domestic growth and current account data for 2018Q4 came out better than expected. Despite this, the rand exchange rate was under pressure amid a stronger US dollar and market concerns after President Ramaphosa reiterated in Parliament that the SA read moreLast week, domestic growth and current account data for 2018Q4 came out better than expected. Despite this, the rand exchange rate was under pressure amid a stronger US dollar and market concerns after President Ramaphosa reiterated in Parliament that the SA Reserve Bank (SARB) will be nationalised. The economy expanded by 1.4% q-o-q (seasonally adjusted and annualised, saar) in Q4, bringing full year growth to 0.8% in 2018. The current account deficit narrowed in Q4, but still widened for the full year. In the international section, we unpack the latest trade data from China, a monetary policy announcement from Europe as well as employment figures from the US. BER Weekly, 4 March 2019 Last updated: Mar 4 2019 11:16AM Global stock markets were boosted early last week by the news that US President Trump granted China another reprieve on possible further import tariff hikes. At the start of this week, further optimism on this front continued to boost markets. On the domestic read moreGlobal stock markets were boosted early last week by the news that US President Trump granted China another reprieve on possible further import tariff hikes. At the start of this week, further optimism on this front continued to boost markets. On the domestic data front, after recording a solid surplus in December, SA’s trade balance moved back into deficit territory in January on the back of a decline in exports. However, vehicle export data suggests that the trade balance may improve in February. In international news, 2018Q4 US GDP growth was better than expected, supported by still robust consumer and business spending. In all, 2018 marked the fastest growth since 2015. In contrast, the latest PMI data for China points to a continued slowdown in the world’s second biggest economy. BER Weekly, 25 February 2019 Last updated: Feb 25 2019 11:01AM Domestically, attention was focused on the Budget, in particular the extent to which government would provide financial assistance to Eskom. In the end, the Treasury managed to limit the fiscal slippage of an Eskom cash injection through non-Eskom expenditure read moreDomestically, attention was focused on the Budget, in particular the extent to which government would provide financial assistance to Eskom. In the end, the Treasury managed to limit the fiscal slippage of an Eskom cash injection through non-Eskom expenditure cuts and R15bn worth of tax hikes. In other domestic news, consumer inflation for January surprised on the downside, rising by the slowest pace in almost a year. Internationally, the slowdown in the manufacturing sector continued into February in most major economies. This is according to the latest flash PMI data, and reaffirms the view that global growth is coming under increased strain. BER Weekly, 18 February 2019 Last updated: Feb 18 2019 10:06AM There was a slew of data releases last week, both on the domestic and international front. Domestic releases focused on real economic data for December 2018, all but completing the picture for 2018Q4 GDP. In financial markets, the rand lost further ground read moreThere was a slew of data releases last week, both on the domestic and international front. Domestic releases focused on real economic data for December 2018, all but completing the picture for 2018Q4 GDP. In financial markets, the rand lost further ground last week on the back of a strong US dollar and the return of load shedding. On the international front, we turn to inflation figures from around the globe as well as trade data out of China. BER Weekly, 11 February 2019 Last updated: Feb 11 2019 9:39AM The domestic data calendar was rather light last week with electricity production for December 2018 the only notable release. In the absence of any significant data releases, attention was focused on the State of the Nation Address (SONA) and the read moreThe domestic data calendar was rather light last week with electricity production for December 2018 the only notable release. In the absence of any significant data releases, attention was focused on the State of the Nation Address (SONA) and the announcements made regarding Eskom and the formation of a new investigating directorate. In the international section, we discuss the latest interest rate decisions from both the developed and developing world, as well as trade statistics out of the US. BER Weekly, 4 February 2019 Last updated: Feb 4 2019 10:41AM Last week, financial headlines were dominated by a more dovish-than-expected monetary policy statement of the Federal Reserve (Fed) in the US. The dollar lost some ground against other key currencies, including the rand, after the statement lacked the usual read moreLast week, financial headlines were dominated by a more dovish-than-expected monetary policy statement of the Federal Reserve (Fed) in the US. The dollar lost some ground against other key currencies, including the rand, after the statement lacked the usual prediction of future rate hikes. Domestically, there were a number of data releases. Although the Absa Purchasing Managers’ Index (PMI) was slightly down in January, it was still virtually at the neutral-50 mark and above the average for last year. Besides the PMI, a welcome trade surplus was recorded in December, though it was not on the back of more exports. We also take a brief look at the latest vehicle sales, private credit extension and producer inflation numbers. In terms of the main global data releases, a slowdown in global growth was confirmed by lower GDP growth numbers in the Eurozone and a drop in the Chinese PMI. BER Weekly, 28 January 2019 Last updated: Jan 28 2019 11:36AM Domestically, data released last week revealed that consumer confidence remained in positive territory in the final quarter of last year, though it was down from the Ramaphoria-high during the first half of 2018. The Q4 figure suggests that consumers’ read moreDomestically, data released last week revealed that consumer confidence remained in positive territory in the final quarter of last year, though it was down from the Ramaphoria-high during the first half of 2018. The Q4 figure suggests that consumers’ willingness to spend is still relatively high. Meanwhile, consumer inflation moderated significantly in December 2018 on the back of a huge drop in fuel prices. Internationally, both the European Central Bank (ECB) and the Bank of Japan (BoJ) held their key policy interest rates steady at current levels. Meanwhile, flash Purchasing Managers’ Index (PMI) numbers for January indicated a sustained slowdown in the Eurozone economy, while the US economy retained momentum. In financial markets, the US dollar was somewhat weaker as the trade talks between the US and China made little progress to date BER Weekly, 21 January Last updated: Jan 21 2019 11:01AM Domestically, markets were focused on the latest meeting of the Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) last week. On the global front, the news flow was dominated by British political chaos associated with the Brexit debacle. Besides a read moreDomestically, markets were focused on the latest meeting of the Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) last week. On the global front, the news flow was dominated by British political chaos associated with the Brexit debacle. Besides a brief overview of the MPC decision, the domestic section looks at the latest retail sales data, which surprised on the upside. In contrast, mining data disappointed. The international section discusses a slew of data from China, the US and the Eurozone. The section also briefly refers to the outcome of the Brexit vote in the UK parliament. BER Weekly, 14 January Last updated: Jan 14 2019 9:59AM Domestic data released during the first full week of 2019 presented a mixed bag. Manufacturing data, both survey and official statistics, suggest that the factory sector ended 2018 on a positive note. However, new vehicle sales data for December confirmed read moreDomestic data released during the first full week of 2019 presented a mixed bag. Manufacturing data, both survey and official statistics, suggest that the factory sector ended 2018 on a positive note. However, new vehicle sales data for December confirmed that overall sales declined in 2018 compared to 2017. International news headlines were mostly focused on political developments, including the continued government shutdown in the US, trade negotiations between the US and China, as well as Brexit developments (or the lack thereof). On the economic front, there are increasing concerns about the health of the global economy.
BER Weekly (Archive) Short report that reviews important global and domestic financial market and economic data developments of the past week. The BER Weekly is released on Monday mornings. 2019 2018 2017 2016 2015 2014 2013 BER Weekly, 18 April 2019 Last updated: Apr 18 2019 2:26PM Despite the shorter week, there was still some domestic data to digest, namely consumer inflation and retail sales. While inflation moved in line with the consensus predictions (albeit lower than our expectation), the outcome for retail sales beat read moreDespite the shorter week, there was still some domestic data to digest, namely consumer inflation and retail sales. While inflation moved in line with the consensus predictions (albeit lower than our expectation), the outcome for retail sales beat expectations. Nonetheless, growth in retail sales remains weak and although the March data is still outstanding, the broader internal trade category will likely be a drag on 2019Q1 GDP. On the international front, the latest US trade performance and Chinese data (including 2019Q1 GDP growth) largely fared better than expected. BER Weekly, 15 April 2019 Last updated: Apr 15 2019 11:33AM On the domestic front, incoming data for 2019Q1 continues to disappoint. The latest mining and manufacturing output data suggest that GDP growth could slow notably in Q1, with a contraction looking increasingly likely. The rand ignored the raft of read moreOn the domestic front, incoming data for 2019Q1 continues to disappoint. The latest mining and manufacturing output data suggest that GDP growth could slow notably in Q1, with a contraction looking increasingly likely. The rand ignored the raft of disappointing domestic data, strengthening to below R14/$ - more on this in the Markets section. In international news, the European Central Bank (ECB) stuck with its current accommodative monetary policy stance, suggesting that further stimulus might be on the cards should growth remain subdued. We also unpack inflation data from the US and China, as well as the latest Chinese trade statistics. BER Weekly, 8 April 2019 Last updated: Apr 8 2019 12:15PM Last week, financial markets continued to digest the ratings reprieve offered by Moody’s, with the rand ending up a clear winner – the domestic unit strengthened by almost 3% against most major currencies. Domestic data releases, however, suggest that real read moreLast week, financial markets continued to digest the ratings reprieve offered by Moody’s, with the rand ending up a clear winner – the domestic unit strengthened by almost 3% against most major currencies. Domestic data releases, however, suggest that real economic activity remains in the doldrums, with new passenger car sales and the Absa Purchasing Managers’ Index (PMI) painting a gloomy picture. On the international front, the latest data shows that the US economy continues to chug along at a healthy pace. In contrast, growth appears to be slowing in the UK and the Eurozone (EZ). This week, all eyes will once again be on the ongoing Brexit negotiations. It remains to be seen whether UK lawmakers can agree on a Brexit deal before the current departure date, set for 12 April. BER Weekly, 1 April 2019 Last updated: Apr 1 2019 11:34AM Against the general expectation, but as was the case in late 2018, Moody’s credit agency again decided to skip (as they are entitled to do) a scheduled pronouncement on SA’s sovereign credit rating on Friday. This implies that the rating remains at one notch read moreAgainst the general expectation, but as was the case in late 2018, Moody’s credit agency again decided to skip (as they are entitled to do) a scheduled pronouncement on SA’s sovereign credit rating on Friday. This implies that the rating remains at one notch above sub-investment grade, with a stable outlook. Domestic financial markets responded positively to the news this morning (see markets section). Although Moody’s reprieve is cause for relief, the current environment of weak SA real GDP growth and numerous fiscal risks (illustrated again last week by Sanral’s decision to ‘temporary’ suspend e-toll summonses) suggest that the risk of a rating outlook change and ultimately a credit downgrade will remain in the foreseeable future. Before the Moody’s decision, the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged. Other domestic news included an acceleration in producer inflation, an improvement in employment numbers and a modest trade surplus in February. Internationally, the US reported a smaller trade deficit in January, while trade negotiations with China resumed last Thursday. In China, purchasing managers’ indices (PMIs) ticked up above the neutral-50 mark, while in Britain no progress has been made on the way forward regarding Brexit. BER Weekly, 25 March 2019 Last updated: Mar 25 2019 10:22AM Last week, financial markets were surprised by a more dovish-than-expected monetary policy statement from the Federal Reserve (Fed) in the US. In response, a section of the US yield curve inverted. As expected, the Bank of England (BoE) also held its policy read moreLast week, financial markets were surprised by a more dovish-than-expected monetary policy statement from the Federal Reserve (Fed) in the US. In response, a section of the US yield curve inverted. As expected, the Bank of England (BoE) also held its policy rate unchanged. Besides monetary policy, flash PMI data from key economies continue to point towards a slowdown in global growth. Domestically, the consumer and trade sector came into focus. In February, headline consumer inflation remained safely below the 4.5% midpoint of the target range. In the trade sector, real retail and wholesale sales improved marginally in January. However, nominal sales were not much higher, an indication that trade inflation was running below headline consumer inflation at the start of this year. In the week ahead, news will be dominated by Moody’s judgement of the SA economy on Friday. Read more in the current affairs section. BER Weekly, 18 March 2019 Last updated: Mar 18 2019 11:21AM Domestic economic data released last week indicates that growth momentum remained poor at the start of the year. In the domestic section, we discuss the latest reading for the RMB/BER Business Confidence Index (BCI), along with mining and manufacturing output read moreDomestic economic data released last week indicates that growth momentum remained poor at the start of the year. In the domestic section, we discuss the latest reading for the RMB/BER Business Confidence Index (BCI), along with mining and manufacturing output for January. On the international front, we briefly discuss the latest Brexit developments, as well as activity data out of China and inflation figures from the US. BER Weekly, 11 March 2019 Last updated: Mar 11 2019 10:17AM Last week, domestic growth and current account data for 2018Q4 came out better than expected. Despite this, the rand exchange rate was under pressure amid a stronger US dollar and market concerns after President Ramaphosa reiterated in Parliament that the SA read moreLast week, domestic growth and current account data for 2018Q4 came out better than expected. Despite this, the rand exchange rate was under pressure amid a stronger US dollar and market concerns after President Ramaphosa reiterated in Parliament that the SA Reserve Bank (SARB) will be nationalised. The economy expanded by 1.4% q-o-q (seasonally adjusted and annualised, saar) in Q4, bringing full year growth to 0.8% in 2018. The current account deficit narrowed in Q4, but still widened for the full year. In the international section, we unpack the latest trade data from China, a monetary policy announcement from Europe as well as employment figures from the US. BER Weekly, 4 March 2019 Last updated: Mar 4 2019 11:16AM Global stock markets were boosted early last week by the news that US President Trump granted China another reprieve on possible further import tariff hikes. At the start of this week, further optimism on this front continued to boost markets. On the domestic read moreGlobal stock markets were boosted early last week by the news that US President Trump granted China another reprieve on possible further import tariff hikes. At the start of this week, further optimism on this front continued to boost markets. On the domestic data front, after recording a solid surplus in December, SA’s trade balance moved back into deficit territory in January on the back of a decline in exports. However, vehicle export data suggests that the trade balance may improve in February. In international news, 2018Q4 US GDP growth was better than expected, supported by still robust consumer and business spending. In all, 2018 marked the fastest growth since 2015. In contrast, the latest PMI data for China points to a continued slowdown in the world’s second biggest economy. BER Weekly, 25 February 2019 Last updated: Feb 25 2019 11:01AM Domestically, attention was focused on the Budget, in particular the extent to which government would provide financial assistance to Eskom. In the end, the Treasury managed to limit the fiscal slippage of an Eskom cash injection through non-Eskom expenditure read moreDomestically, attention was focused on the Budget, in particular the extent to which government would provide financial assistance to Eskom. In the end, the Treasury managed to limit the fiscal slippage of an Eskom cash injection through non-Eskom expenditure cuts and R15bn worth of tax hikes. In other domestic news, consumer inflation for January surprised on the downside, rising by the slowest pace in almost a year. Internationally, the slowdown in the manufacturing sector continued into February in most major economies. This is according to the latest flash PMI data, and reaffirms the view that global growth is coming under increased strain. BER Weekly, 18 February 2019 Last updated: Feb 18 2019 10:06AM There was a slew of data releases last week, both on the domestic and international front. Domestic releases focused on real economic data for December 2018, all but completing the picture for 2018Q4 GDP. In financial markets, the rand lost further ground read moreThere was a slew of data releases last week, both on the domestic and international front. Domestic releases focused on real economic data for December 2018, all but completing the picture for 2018Q4 GDP. In financial markets, the rand lost further ground last week on the back of a strong US dollar and the return of load shedding. On the international front, we turn to inflation figures from around the globe as well as trade data out of China. BER Weekly, 11 February 2019 Last updated: Feb 11 2019 9:39AM The domestic data calendar was rather light last week with electricity production for December 2018 the only notable release. In the absence of any significant data releases, attention was focused on the State of the Nation Address (SONA) and the read moreThe domestic data calendar was rather light last week with electricity production for December 2018 the only notable release. In the absence of any significant data releases, attention was focused on the State of the Nation Address (SONA) and the announcements made regarding Eskom and the formation of a new investigating directorate. In the international section, we discuss the latest interest rate decisions from both the developed and developing world, as well as trade statistics out of the US. BER Weekly, 4 February 2019 Last updated: Feb 4 2019 10:41AM Last week, financial headlines were dominated by a more dovish-than-expected monetary policy statement of the Federal Reserve (Fed) in the US. The dollar lost some ground against other key currencies, including the rand, after the statement lacked the usual read moreLast week, financial headlines were dominated by a more dovish-than-expected monetary policy statement of the Federal Reserve (Fed) in the US. The dollar lost some ground against other key currencies, including the rand, after the statement lacked the usual prediction of future rate hikes. Domestically, there were a number of data releases. Although the Absa Purchasing Managers’ Index (PMI) was slightly down in January, it was still virtually at the neutral-50 mark and above the average for last year. Besides the PMI, a welcome trade surplus was recorded in December, though it was not on the back of more exports. We also take a brief look at the latest vehicle sales, private credit extension and producer inflation numbers. In terms of the main global data releases, a slowdown in global growth was confirmed by lower GDP growth numbers in the Eurozone and a drop in the Chinese PMI. BER Weekly, 28 January 2019 Last updated: Jan 28 2019 11:36AM Domestically, data released last week revealed that consumer confidence remained in positive territory in the final quarter of last year, though it was down from the Ramaphoria-high during the first half of 2018. The Q4 figure suggests that consumers’ read moreDomestically, data released last week revealed that consumer confidence remained in positive territory in the final quarter of last year, though it was down from the Ramaphoria-high during the first half of 2018. The Q4 figure suggests that consumers’ willingness to spend is still relatively high. Meanwhile, consumer inflation moderated significantly in December 2018 on the back of a huge drop in fuel prices. Internationally, both the European Central Bank (ECB) and the Bank of Japan (BoJ) held their key policy interest rates steady at current levels. Meanwhile, flash Purchasing Managers’ Index (PMI) numbers for January indicated a sustained slowdown in the Eurozone economy, while the US economy retained momentum. In financial markets, the US dollar was somewhat weaker as the trade talks between the US and China made little progress to date BER Weekly, 21 January Last updated: Jan 21 2019 11:01AM Domestically, markets were focused on the latest meeting of the Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) last week. On the global front, the news flow was dominated by British political chaos associated with the Brexit debacle. Besides a read moreDomestically, markets were focused on the latest meeting of the Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) last week. On the global front, the news flow was dominated by British political chaos associated with the Brexit debacle. Besides a brief overview of the MPC decision, the domestic section looks at the latest retail sales data, which surprised on the upside. In contrast, mining data disappointed. The international section discusses a slew of data from China, the US and the Eurozone. The section also briefly refers to the outcome of the Brexit vote in the UK parliament. BER Weekly, 14 January Last updated: Jan 14 2019 9:59AM Domestic data released during the first full week of 2019 presented a mixed bag. Manufacturing data, both survey and official statistics, suggest that the factory sector ended 2018 on a positive note. However, new vehicle sales data for December confirmed read moreDomestic data released during the first full week of 2019 presented a mixed bag. Manufacturing data, both survey and official statistics, suggest that the factory sector ended 2018 on a positive note. However, new vehicle sales data for December confirmed that overall sales declined in 2018 compared to 2017. International news headlines were mostly focused on political developments, including the continued government shutdown in the US, trade negotiations between the US and China, as well as Brexit developments (or the lack thereof). On the economic front, there are increasing concerns about the health of the global economy.