A calm end of an otherwise loud 2019

Markets remain generally quiet for the day, with little change in traded financial instruments as the calendar year 2019 approaches. Currencies are mainly in mixed territory, while bonds and equities return some of their positions against the backdrop of low cash flows and portfolio rebalancing.

Despite the "volatility is dead" attitude, especially in currencies, the year has been chaotic and eventful - especially in the last two months.

Among other things, we had:

- US-China trade relations escalated before Phase 1 deal was reached

- The global economic slowdown continued, with some green sparks at the end of the year

- We finally saw the crazy "inverted" yield curve

- Major central banks have stepped up their cash relief, notably the Fed, ECB, RBA and RBNZ

- Stocks continued to rise towards the end of the year

- The Brexit deadline is still being postponed

- There have been new elections in the UK to determine the future of Brexit

- Repo insanity has forced the Fed to re-intervene in the money market

- US-North Korea relations deteriorate again

- Tensions in the Middle East remain in vogue, Saudi oilfields attacked

- Aramco has finally reached its IPO and debuted in the financial markets

- The protests in Hong Kong have compounded further troubles in the already worsened relations between the West and China.

I'm sure there are many more things I miss, but for me, these are the top events of the year. Looking ahead, there is much more to be expected from the same old stories that will continue for sure over the next 12 months.

Read more:

• Iran response was ‘too fast and too furious’ on the U.S. airstrike
• The market seems to be digesting this in a very calm way
• Japan – Services PMI, worse than expected
• Oil surges again as Iran, Trump trade threats
• US service member and 2 US Defense Dept contractors killed in Kenya attack