According to analysts at Nordea Markets, the main global theme in 2019 was the trade war between the US and China and even though the US and China announced the long-awaited phase-one deal in December, challenges in the relationship will persist.

"The most important outcome of the deal is that both sides promised not to raise tariffs further, as was initially planned. This clearly removes one downside risk in the global economy for 2020, although China's unwillingness to move forward with structural reforms implies that its challenges with trade relations will continue."