Low interest rates weigh on investors

The two stories that dominated stock markets in recent months, the US-China trade war and Brexit, interestingly, did not weigh on stock markets.

Stocks were up strongly and the dollar and sterling both appreciated over the year. The annual gains for stock markets are, however, a bit misleading this time out because November and December 2018 saw big falls that went into reverse in January 2019. A better guide is the numbers covering the past 18 months.