2019 was a positive year for financial markets despite geopolitical uncertainties, the slowdown in global growth and political developments in Europe including the Brexit case. The muscle tests between the United States and China, the result of a secular theme for the supremacy of the world economy, could generate uncertainty and volatility even in the new year and the approach of the presidential elections in November in the United States could further complicate the plot. Nonetheless, the outlook for 2020 suggests cautious optimism, especially in the European context, also thanks to continued support from monetary policy.