Despite mixed Q3 earnings, European equities closed higher in October, reaching new all-time highs, as macro data showed signs of improvement. In the Eurozone, Q3 GDP surprised to the upside at 0.2% QoQ (vs 0.1% expected and prior) but reflected large discrepancies across countries: Germany and Italy lagged, while France and Spain posted stronger-than-expected growth.

The investment shortfall in emerging-market and developing economies is impeding their ability to grow and exploit their resources, particularly their young workers. Bold, concerted reforms that rebuild trust and attract private capital by guaranteeing that every dollar spent yields tangible returns are necessary to rekindle investment.

As a share of GDP our gross government debt is much higher than it was at the start of that decade's fiscal crisis. We need to act now