Two elections in Europe in a month will certainly ruffle the feathers of financial markets.

The populist surge is being restrained for now, but several factors are likely to drive up sovereign bond yields in Europe.

The dollar’s multi-year bull run might last a couple more months, but its fundamental underpinnings are weakening.

Globalization and alliances are at risk.

With the sizeable majority voting no to political reform in the Italian referendum, the anger vote has claimed its next victim – Italy. The dominoes of Brexit, Trump and now Italy continue to fall.

The rise of populism in general, and Trumpism in particular, brings severe geopolitical and economic risks and could have a disastrous impact on growth and productivity.

Another European banking crunch is on the horizon thanks to legacy problems that have not been fixed.

The European Project faces a much greater danger from the rise of populism than from the sovereign debt crisis.

The advantages of helicopter money are dubious and they come with large risks attached.

The failed coup in Turkey shows that we are in one of those periods in history when politics matter as much or more than economics for financial markets.

US growth should start a strong rebound this year, increasing the chances of rate rises.

Central bank initiatives are carrying less and less influence and their diminishing returns increasingly point to a toxic race to the bottom.

When the numbers look bleak and central banks are out of tools, cash and gold make sense.

Weaknesses in Japan and Asia will mean a flight to quality.

It is going to be a bumpy ride for Asia and other commodity-producing economies this year.

The euro is on course for parity with the dollar in 2016.

Britain’s renegotiation of its relationship with the EU could be a good thing for Europe too.

The country is an indicator of the European Union’s future.

The US Federal Reserve has harmed its credibility by postponing a rate hike.

Renzi’s reforms and favourable winds seem to be working some magic on the country’s numbers.

Structural problems and over-leverage mean the focus will switch to Asia for the next global currency moves.

Investors ignore valuation at their peril – a period of lacklustre returns looms. The Fed’s move on interest rates is key.

The newly elected Tory party must wrestle with an invigorated SNP and its old bête noire, the EU. The proposed in/out referendum will cast a long shadow over the UK.

The eurozone recovery looks increasingly secure but the low growth rate is still a big cause for concern.

At times the ECB seems to lurk so far behind the curve that it appears to be using some sort of random monetary-policy generator.

Political pressures and lack of growth have put the European project under threat. Reform is urgently needed to set Europe back on course.

The eurozone’s economic fortunes should start to recover with the arrival, at last, of full-blown quantitative easing. As the world’s leading currencies are set for a race to the bottom, it could be time to buy gold.

Time is running out for Italy to make the reforms it needs to produce a self-sustaining recovery.

The US looks to benefit from a changing energy landscape, at the expense of Russia and the Middle East, while Europe will be happier to be less reliant on those producers.

The financial sector remains central to the eurozone’s economic woes. Promises of ECB support only prolong the problem.