The quiet period of Christmas and New Year has definitely ended. Davos World Economic Forum, Chinese Coronavirus, Q4 earnings season, central bank deliberations, first batch of 2020 business sentiment figures and – you guessed it – the next steps in the Brexit process have all provided plenty to think and write about, and to discuss. We suggested last week that, following the strong 2020 start in stock markets, it was quite possible that a period of consolidation might lie ahead. Sure enough, this week markets lost their vibrance and moved sideways to slightly down.
We can muse whether this was driven by the Chinese coronavirus scare or the growing insight that central banks have successfully plugged the shortage of transactional cash and will therefore discontinue any further liquidity injections (which they started last September). Many suspect that these injections have been the main driver of up-trending equity markets.
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