And just like that, the year in which we learned to live with late-night Twitter rants from a US president, record-high stock prices and the bitcoin bubble comes to a close. As we enter 2018, steadily rising assets and diminishing volatility have become the norm, global growth remains strong, and optimism prevails across asset classes. Yet now isn’t the time for complacency. Between politics and popular trades losing lustre, there are boundless risks to keep you on your toes for the next 12 months. Here are some of the most important market themes — both reassuring and unsettling — to get you started. Aging business cycle If the US economy can keep chugging along through the first quarter of 2018, it will match the second-longest expansionary period in modern history, according to data compiled by the National Bureau of Economic Research and Bloomberg Intelligence. This is helping lift global economies, spurring optimism across markets. The Citigroup economic surprise index of major...

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