Multitude of geo-political risks came to the forefront in Nov but were thrown out of the window as hopes of a US-China trade talks buoyed sentiment. Not that the talks have concluded, and the deal is done-and-dusted but hopes are enough to fire up the animal spirits. Trump has dilly-dallied like a pendulum swing with his statements throughout Nov. Come 15-Dec and we will finally get to know if Trump becomes Grinch who stole Americans’ Christmas or Santa who pushes the can (aka tariffs on further $160bn of Chinese imports) down the road. But, some of US’s trading partners – Argentina, Brazil, France – did bear the tariff brunt this time around. In the UK, the spotlight has shifted to the upcoming general election on 12-Dec-19. Also, ongoing protests in Hong Kong continue to hinder Asia’s economy and one must be watchful if US support disrupts the ongoing trade negotiations. So, politics is likely to remain front and centre of investors’ minds as the year draws to a close.