China equities excel in relative terms. That contrasts to the the US’s acclerated decline.
Trump’s hold on power breaks. Policy get more, not less, maverick and irrationa!.
The supreme court does away with tariffs. They cannot be replaced like for like. So the budget and bond markets get worse.
The Manichaean struggle for next year is the battle for central bank independence in the US & Japan. Most of the rest of the world sees rising inflation and tightening central bank policy.
Putin accepts Trump’s invite to fill the European vacuuum. The ECB is called in to hold the `eurozone with zero interest rates. European defence spending blows out by 4-5% of GDP.