Next up was the presidential election in the United States. Markets adjusted even more quickly to the new circumstances. The constitutional referendum in Italy in December 2016 was barely registered in markets. However, political risks remain a concern for markets. The run-up to the French presidential election had investors worried, as evidenced by a widening spread between French and German sovereign bonds.
And the view on the US has somewhat turned from exuberance to wary idealism as it has become clear that implementing all the stimulus measures promised by the Trump Administration will not be a walk in the park after all.