Wall Street highs due for a reality check

THE clarity that comes with 20/20 vision can be a curse as well as a blessing. The year 2019 could be the ultimate case of a Wall Street phenomenon known as "buy the rumour, sell the news".

Major stock indexes hit record highs this year as fears that a trade war and Brexit deadlock would lead to a global recession gave way to hopes of a US-China ceasefire and a final settlement between Europe and the UK.

Once the terms of those deals emerge, however, the celebrations may end, particularly given the stage in the political cycle.