20 Jan 20 - 2020 Market Outlook Our first daily email of 2020 covers our outlook and views for the year ahead.   Markets ended 2019 in a festive mood, and the positive trend has continued to start 2020, with equity markets powering to fresh all-time highs.   Returns for 2019 were stellar, with shares experiencing the best year since the global financial crisis – the US market (measured by the S&P 500 index) was up +29%, NZ market (measured by the NZX50 index) +30%, Australian market (measured by he ASX 200 index) +21%. Headlines were dominated by trade wars, astronomical valuation multiples for some technology stocks, the long-awaited crash (and unexpected recovery) in housing across Australia & New Zealand, and importantly - central banks around the globe drastically changing their stance on interest rates, lowering rates to keep the economy and markets moving forward. This was the big difference with 2018, which saw monetary policy tightening.   The chart below from Deutsche Bank highl...