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Weekly Market Comment – December 31st

Equity markets start 2019 engulfed in pessimism.  The S+P index is coming off its worst December since the great depression and commentators are rationalising the market falls by looking at geopolitical issues such as the “Trump” shutdown, the ongoing trade war and “Brexit” as well as evidence that the global economy is slowing down.  As we enter 2019, the question is whether there is anything that can break this pessimism.  The coming weeks will provide some answers as to how the government shutdown in the US will be resolved as well as the direction of the trade talks between the US and China.  It will also be interesting to see if cheaper valuations in markets attract buyers.  Global Equity markets start the year trading on a price earnings multiple of 15, which is in contrast to 2018 when they started the year on a price earnings multiple of 20.

– Niall Dineen

Investment Team Leader