The signals for a recovery are multiplying. It's extended from manufacturing to services, which is more linked to internal demand, so the signs are now across the board.

We look at this a temporary blip rather than a sign the recovery is fading.

Different majorities in the two houses would be the worst possible scenario for the markets.

Different majorities in the Senate and the Chamber of Deputies, as now looks possible, would be the worst possible scenario for markets.

As growth gathers momentum, companies are regaining some of their lost pricing power. This increases the probability of greater pass-through of past oil shocks to non-energy prices.

We look at this as a temporary blip rather than a sign the recovery is fading.