Chinese industrial profits for October contracted by 9.9% annualized, this marked the worst contraction on record. Chinese data is not the only one suggesting more trade-related issues. South Korean exports in the first twenty days in November slumped by 9.6%, this suggests that the holiday shopping season may come in below expectations. South Korea exports key high-technology items globally and is often viewed as a health barometer for the global economy. The Chinese economy is expected to cool further in 2020 as the Indian economy is predicted to take the leadership position.

Global markets continue to enjoy an overall boost in bullish sentiment as the final trading month of the year approaches. Trade negotiations between the US and China are in focus and the majority of market participants trade as markets as if the phase one trade deal is the solution to all global issues. This bullish confidence may be misplaced as other structural economic issues remain ignored.