2019 was an eventful year for global markets. We saw slowing growth, central banks intervening to provide stimulus, and significant geopolitical concerns. It was the year when US protectionism escalated substantially, Brexit uncertainty persisted, European political fragmentation continued, and impeachment proceedings against Donald Trump began. While consumer spending largely remained resilient in 2019, the slowdown was most heavily concentrated in industrial and trade-exposed sectors and economies, with the US-China trade war and a meaningful decline in auto demand weighing particularly heavily on markets. Overall, global real GDP growth in 2019 is estimated at 3 per cent, down from 3.6 per...