As the highly controversial election in the US came to an end, the markets globally have been rallying over the last few days. What is going on? Why is Donald Trump’s victory a positive for the markets? What should we expect to happen in the next few months? Below, we have prepared a refresh of our “State of Global Markets” series with commentaries on possible policies and their implications for different companies that investors should be thinking about.

Market Valuations

Largely, relative valuations of different markets have not changed since our last series in August. For the first time in a decade, the US stock market continues to be the most expensive among major markets in 2016 and is hovering around its all-time high. At 18x PE compared to the world average of 15x for our sample markets, S&P 500 is loved by investors globally seeking safe haven …