2019 was a truly newsworthy year for both global and U.S. domestic markets alike. History was made as the U.S. stock markets reached record high after record high, beating back recession and geopolitical fears as the S&P 500 Index (SPY  ) ended the year up 28.9%, and the Nasdaq Composite Index (QQQ  ) soared 35.2%. Political dramas, global growth concerns, and the Federal Reserve's rate easing program captured and enthralled investors. As the new year goes on, highlights of the world's markets can offer insights for the future.

The U.S. stock markets began 2019 with a steep correction that narrowly avoided becoming a bear market, thanks to a rate hike and the partial government shutdown. Then they experienced a long streak of steady gains and no more corrections through the year. But the new Trump trade wars with China continued and escalated until a trade deal was announced at year's end. The Federal Reserve's 3 rate cuts and accommodating language helped support the long expansion. The tech, semiconductor, and defense sectors performed well, while apparel retail, telecoms, and foreign banks underperformed. The worst performing S&P stocks were Abiomed (ABMD  ), down 47.5%, Macy's (M  ), down 38.2%, and Occidental Petroleum (OXY  ), down 28.2%. The best performers were Advanced Micro Devices (AMD  ), up a whopping 152.1%, Lam Research (LRCX  ), up 116.3%, and KLA (KLAC  ), up 99%.

Global stock markets also made mostly upward moves in 2019. Some emerging markets performed badly, with Chile posting the worst loss of 20.5%, due to widespread unrest against the government. Poland followed with a loss of 11.6%, and Malaysia placed in third with 5.5%. But thanks to a seeming resolution to the Brexit drama and stimulating central bank policies by the ECB and BOJ, Europe fared well. Greece's stock market surged 43% to top global performance, thanks to business-friendly government policies. Russia followed with a gain of 29%, and Italy came in fourth with 28%. Funds and individuals who discovered these diamonds in the rough beyond the US are likely happy with their diversification.

Gold climbed 17.4%, and commodities jumped 17.6%. Cryptocurrency pulled out an amazing market cap gain of 44%, rebounding from its 2018 depression, thanks to numerous corporate partnerships and government interest. The best performers were Molecular Futures (MOF), up a hyperbolic 3,514%, Seele (SEELE), up 3,334%, and Synthetix Network Token (SNX), up 2,412%. The euro (EUR) and the rupee (INR) were the worst performing major currencies. Looking ahead to 2020, the biggest risk for global investors remains the ongoing US-China trade war, spilling over into an escalating dispute over human rights in Hong Kong and Xinjiang. Other potential headwinds are tensions in the Middle East and the volatile 2020 presidential election that could see Donald Trump's reelection or the victory of a progressive reformer.

The author owns a small long position in the US equities and a small amount of BTC.