Weekly Geopolitical Report - The 2018 Geopolitical Outlook (December 18, 2017)

Weekly Geopolitical Report – The 2018 Geopolitical Outlook (December 18, 2017)

by Bill O’Grady

(N.B. This will be the last WGR of 2017. Our next report will be published January 8, 2018.)

As is our custom, we close out the current year with our outlook for the next one. This report is less a series of predictions as it is a list of potential geopolitical issues that we believe will dominate the international landscape in the upcoming year. It is not designed to be exhaustive; instead, it focuses on the “big picture” conditions that we believe will affect policy and markets going forward. They are listed in order of importance.

Issue #1: The Big Picture

Issue #2: China Deleveraging

Issue #3: European Politics

Issue #4: North Korea

Issue #5: South American Populism

Issue #6: The Middle East

Issue #7: U.S. Domestic Politics

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These reports were prepared by Confluence Investment Management LLC and reflect the current opinion of the authors. Opinions expressed are current as of the date shown and are based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change. This is not a solicitation or an offer to buy or sell any security. Past performance is no guarantee of future results. Information provided in this report is for educational and illustrative purposes only and should not be construed as individualized investment advice or a recommendation. Investments or strategies discussed may not be suitable for all investors. Investors must make their own decisions based on their specific investment objectives and financial circumstances.