As growth gathers momentum, companies are regaining some of their lost pricing power. This increases the probability of greater pass-through of past oil shocks to non-energy prices.

The signals for a recovery are multiplying. It's extended from manufacturing to services, which is more linked to internal demand, so the signs are now across the board.

Different majorities in the Senate and the Chamber of Deputies, as now looks possible, would be the worst possible scenario for markets.

Different majorities in the two houses would be the worst possible scenario for the markets.

This will be a recurrent theme in 2006, as last year's sharp rises in energy prices disappear from the year-on-year comparison.

Whoever the successor is, he will inherit a complex situation and serious credibility problem.

We look at this as a temporary blip rather than a sign the recovery is fading.

We look at this a temporary blip rather than a sign the recovery is fading.