<b>Devangshu Datta:</b> Bullish attitude, but scepticism remains

The bright side is that tax collections are up in the April 2016-January 2017 period

The disconnect between India’s high-speed data and preliminary gross domestic product (GDP) estimates for Q3 is startling. The headline number suggests that demonetisation had zero impact and the markets responded positively to that reading. However, most observers expressed some degree of scepticism about data quality.

Global equity markets continued to surge, driven by liquidity. Donald Trump’s policy positions are still being judged as good for America’s financial sector in the short run at least and that has pushed the Dow to record highs. However, tight labour markets have also led to an acceptance that the Fed will tighten sooner rather