In many countries, the index levels reached new historical highs towards the end of 2019. In the course of the second half of the year, the large uncertainties among market participants have subsided. To what extent the strong development on the markets will continue in 2020 will also depend on whether the high market valuations can be confirmed by above-average economic developments. For 2020, the international environment is likely to remain challenging, particularly for the Swiss export industry.

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