After closing strongly last year global equity markets have continued to rally in the New Year with the broader US S&P 500 stock index (representing approximately 80% of the investible US equity market) making a new all-time high as it breached the physiological barrier of 25,000. Similarly, in Asia, Japan's TOPIX index hit a twenty-six year high following the release of positive manufacturing data. Optimism over the corporate tax cuts signed into law by President Donald Trump last month may have been a key driver for equity markets over recent weeks but strong underlying economic growth, both domestically in the US and internationally, combined with solid corporate earnings are also viewed as primary factors contributing to the rally.