What are the banana skins on the road ahead? Market complacency is a concern. There is a disconnect. There is still quite a lot of uncertainty about the future course of U.S. economic policy, which is being resolved over time but only gradually as the new administration settles in.
There is concern about the consequences of Brexit both for the UK and for the euro area. Political uncertainty in the euro zone is reduced, clearly. Part of it has been taken out by the outcome of the French presidential election and that is good news. But the main source of uncertainty comes from the outside.