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Editorial The past week was again marked by balancing acts in France as well as in Italy at t he presentation of the budget bills for 2019. Unfortunately for Italy, it seems to be losing its footing due to an excessive deficit target, immediately sanctioned by investors and probably followed by rating downgrades by the agencies by end-October. In Britain, the pressure on Theresa May is increasing further as the Labour opposition reaffirms its strategy against Brexit - no second referendum, but call for early elections if there is no agreement. The Fed’s 25pb monetary tightening (to 2-2.25%) actually almost went unnoticed, admittedly largely overshadowed by President Trump’s passionate speech at the UNGA. However, the issue of the pace of US monetary policy normalisation is far from closed. While economic indicators continue to post robust performances, the risks weighing on the global economy are also gathering momentum.