The rise of populist parties such as the Five Star Movement in Italy and the Front National in France are rocking the political certainties of the last decades. And that also affects the economy.

If you leave school at 16 then, in all probability, there is a machine that can do what you can do better and cheaper. And Trump can't do anything to change that.

Decreasing economic growth and increasing inequality leads to increased uncertainty.

Political stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.

Trump can, like every government, trigger a short boom with borrowed money, just like he has announced. He appears to want to adopt the economic policy approach favored by Republicans of putting lots of money into building roads and cutting taxes. Markets like that. But, at the end of the day, someone always has to foot the bill.

Politics has become very unpredictable, making things so very difficult for individuals and also for companies.

Elections themselves do not necessarily lead to more corporate uncertainty - quite the reverse, stable democracies create a reliable environment. And elections have caused hardly any change in the basic economic framework in the last few decades.