While it is difficult, absurd even, to suggest that nothing has happened in the past few decades, a lot has certainly happened in the last two weeks. Over the weekend, Syria’s president Bashar Al-Assad reportedly fled to Russia, ending 50 years of the Assad’s family rule, South Korea’s president survived an impeachment vote after declaring the first instance of martial law in over 40 years, and last week, France’s government collapsed after a no-confidence vote, the first time that has happened in France in over 60 years. Could the political turmoil could cast a shadow over the typical year-end rally for markets, where markets usually climb? To be honest, it is difficult to say. On one hand, the effects of these political developments are not yet fully known and will cause uncertainty, but on the other hand, U.S. economic data seems to be supporting the case for a rise in markets. Traders expect the U.S. Federal Reserve to be the market’s Santa Claus this year. According to the CME Fedwatch tool, there is an 85% chance that the Fed will enact a 25 basis points cut next week, which is likely to send markets higher. However, many other clouds also loom over the horizon heading into 2025, not least of all, the incoming administration of President-elect Donald Trump. In short, 2024 may be coming to an end, but it seems determined to go out swinging in the last three weeks.