Stocks trounce bonds with double-digit gains

MAIN POINTS

Stock markets around the world rallied strongly in 2019. Returns likely to be more normal in 2020.

Bonds rallied for the first three quarters due to global and trade uncertainty, but dropped in Q4.

Election uncertianty and high optimism and risks ...

Consolidation typically starts now and ends in May

MAIN POINTS

In the first half of 2020, the risk for a political overhang to the stock market is high.

Near-term risks continue to include earnings expectations and the trade war with China.

Once a presidential winner has been identified, the market has ...