A year that witnessed political power ebb away from centrist politics and towards fringe populism and nationalistic ideologies culminated in the election of Donald Trump – the Republican Party’s far-right, nationalistic, anti-trade and immigration, property mogul nominee. His triumph over Democrat Hilary Clinton, who many saw as the encapsulation of the political establishment, reflected the electorate’s disenchantment with such politicians and the inequality that has resulted from their pro-trade and immigration policies of the past decade.

Financial market reactions to the result went largely against consensus predictions of what a Trump win might mean. Instead of a risk-off reaction and rush to safe-haven assets, quite the opposite materialised as investors focused on the potentially positive implications of the result.