In 2019 the world economy moderated its growth for another year. This slowdown has taken place in the core economies (United States, Eurozone, China), amidst the uncertainty caused by trade tensions, particularly between the USA and China, the instability seen in several emerging countries and weather disasters.

Against this backdrop, the main Central Banks have pursued accommodative monetary policies, and together with the progress of trade negotiations between the United States and China at the end of the year have led to the main world equity indices ending 2019 with significant rises. Of note in Europe is the Euro Stoxx 600, which closed 2019 up by +23.2%, in Spain the Ibex 35 up by +11.8%, the German DAX +25.5% and the French CAC +26.4%. In the United States, the S&P 500 index gained 28.9%.