Imminent threats seem to have faded somewhat but certainly have not gone into the ether. Vigilance remains the watchword for investors.

The mood of global equity markets took a turn for the better, as central banks’ many recent dovish policy moves should help underpin the business cycle, while positive economic surprises provided a lift. We’ve seen a bump in positive surprises recently, not only for the G10 as a whole, but also in particular for the U.S., Canada, the UK, and Japan. This does not mean necessarily that these economies are humming along, though the U.S. is faring well, just that they’re doing better than widely expected.

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