The fourth quarter also kept the world in suspense and with that, the year closed true to course. In contrast to the Brexit decision, Donald Trump’s election as the next US president only briefly provoked discontent on financial markets. Within a day after the surprising result, equity markets had recovered from the setback again, and in the meantime, American stocks have even reached new highs. The US Dollar continued to strengthen, the Euro weakened marginally against the Swiss Franc and the Greenback. The European common currency only suffered minor injuries from Italy’s constitutional vote. As expected, the US Federal Reserve (Fed) increased the benchmark Fed Funds Rate (rate for overnight lending to banks) by ¼ of a percentage point to 0.5%.