During the month of December, G-7 equity markets fell an average of 15% on fears that trade disputes combined with the tightening of financial conditions could trigger a global de-leveraging of share prices. In response, the Peoples Bank of China (PBoC) freed up close to $100 billion by lowering bank reserve requirements for the fifth time in 12 months, the ECB outlined plans to re-open long-term targeted refinance operations (TLTROs) and the US Federal Reserve toned down its trajectory of rate normalisation as well as its balance sheet contraction. Tomorrow the Reserve Bank of Australia (RBA) will meet for the first ... (full story)