Some forecasts for the coming year: the oil price will not recover and it could subside further if production from Iran is higher than thought. There will be no respite for the mining groups and the fall of dividend income from that source will weigh on the market.
As, too, will a continuing weakness in corporate earnings, particularly from UK companies with exposure to global markets. Consumer spending will not be the tonic some have expected, though well-placed businesses in the right markets will do well enough. January will bring a series of warnings from retailers over Christmas trading.
Oh, and two or three things will happen that we don’t know about yet, which will either send the markets up or down.
One specific prediction: