The year 2019 was exceptional for equities. The MSCI World posted a total return of 28%. The S&P 500, the MIB
40 and the SMI increased even more, while the Topix, the FTSE 100, and the MSCI EM underperformed by 9-11 pp. Global 12-month forward earnings estimates increased in the year only slightly (+1.7%), being even negative in the euro area (EA), EM and Japan.