We are turning more pro-risk in our asset allocation，as we think the nre？ation trend will extend into 2017.We expect global growth to pick up to3.5% in 2017 vs.3.1% in 2016，with macro data for the past several monthsindicating that growth has picked up already.We are moving to OverweightEquities and Commodities and move Credit down to Neutral.We remainUnderweight Bonds.Commodity returns are boosted by the OPEC cut，astronger cyclical backdrop and more positive roll yields.Equities can do well inbond bear markets and equity/bond return correlations have been negative sincethe late 90s.Our equity strategists forecast better，albeit moderate，returns in2017.Credit was our preferred asset class in 2016 and we have been reluctant torotate to equities，but，with the large and more credible drag on credit returnfrom higher yields and less valuation buffer from spreads，we lower credit.