Risk assets enjoyed the proverbial Santa-Claus rally during the month of December as key risks that have been weighing on market sentiment appeared to be dissipating. Firstly, news that the US and China are inching closer to sealing a phase one trade deal was met with cheers from market participants. Signing of the deal would herald a truce in the costly trade war between the world's two largest economies. Secondly, the UK election results saw Boris Johnson win with a comfortable majority to see his Brexit plans into fruition. While Prime Minister Johnson is considered to be a Brexit hardliner, financial markets just seemed to be relieved that the uncertainty around Brexit is starting to dwindle. The combination of easing financial conditions, renewed central bank balance sheet growth and diminishing risks around global trade helped allay fears that the global economy is heading for recession. As such, this stoked animal spirits and led to the impressive returns delivered by risk assets. There wasn't much in the form of market-moving events on the local front. Domestic assets, by and large, took cues from global developments. However, persistent power cuts by Eskom kept locals mulling over the growth implications of load shedding and, by extension, the impact on fiscal dynamics as February's budget statement looms over the horizon.