Reality check on CAD and AUD assumptions

The global economy is potentially set for a comparatively supportive growth environment on an aggregate basis.  The CIBC economics department is looking for global growth to average around 4% over the next two years, though that remains some way short of the 5% annual expansion in the four years before the recession.

But, at a micro level, huge risk uncertainties abound. On that basis, we would ask whether the market has become too complacent regarding the risk environment. This is especially