The markets began the year anticipating uncertainty falling in the UK and Asia, thanks to Brexit and trade talks finally making progress, with the anticipated rise in uncertainty being focused around US politics and domestic policy reactions in an Election year.

Apropos of nothing….we are grateful to the Sunday Times today for pointing out that today’s date, 02/02/2020 is the best international date palidrome for almost a thousand years, in fact since 11/11/1111.

The row with the US over the UK’s commitment to continue to use Huawei systems for its 5G roll out has filled the column inches not already consumed with the CoronaVirus.

It is often said that markets don’t like uncertainty. This is not strictly true, for while long term investors are seeking to match asset and liabilities and to price actuarial risks and thus are largely indifferent to noise and uncertainty

The traders got handed their script for the New Year nice and early, with the dramatic escalation by the US of the tensions with Iran.