Fiscal Impulses in Japan and the Eurozone Japan and the eurozone are expected to benefit from significant fiscal stimulus next year. Image: Gavekal, Macrobond

China GDP Growth Over the Next Five Years China real GDP growth is expected to continue to decline in the coming years. Image: Danske Research

Trade War – S&P 500 Peaks and U.S. Trade Policy What is the likelihood of a trade deal between the U.S. and China? Past market peaks have been followed by major trade escalations. Image: Deutsche…

QE in 2020 and Central Banks (the Fed, ECB and BoJ) Central banks’ QE should support financial markets next year. Image: Gavekal, Macrobond

Starting Valuation Predicts Future Returns Based on the Shiller CAPE ratio, the chart suggests a 10-year compound annual growth rate of only 2% to 4% for the U.S. stock market. Image: Fidelity Investments

U.S. Recessions – NBER Since 1850, this will be the first decade without a recession in the United States. Image: National Bureau of Economic Research

Tech Fund Flows Are tech fund inflows indicating a potential bubble? Image: BofA Merrill Lynch Global Investment Strategy

S&P 500 Volatility in 2020 Goldman Sachs economic model suggests volatility of 14.7 on average next year. Image: Goldman Sachs Global Investment Research

Conference Board Confidence Index of CEO vs. U.S. Real Business Investment The trade war has no winners and could curtail U.S. business investment further. Image: NBF Economics and Strategy

U.S. Dollar Cycles U.S. dollar cycles are persistent and are counted in years. In the absence of a recession in the U.S. in 2020, the strength of the U.S. dollar should continue for some time.…

Inequality – Intergenerational Earnings Elasticity and Gini Coefficient Chart suggesting that social mobility cannot be achieved without greater equality (R² = 0.5) Image: Financial Times