This month’s Marquee QuickPoll of 1,151 Goldman Sachs clients showed a bifurcation in sentiment as clients retreated from their bullish views on markets last month. However, our clients remain broadly optimistic on Brexit and trade negotiations. Some of the key findings include: Sentiment Splits: Sentiment was split into two camps this month, with 41% of respondents describing themselves as bullish, 37% as bearish, and 20% as neutral on asset prices. This is a significant moderation in enthusiasm since last month’s survey, when 54% of those polled described themselves as bullish. Despite this dip in sentiment, fewer clients now expect a 2020 recession (down to 26% this month from 37%). Skewing Positive on Trade: Despite the lack of visible progress on US-China trade negotiations, the vast majority of investors expect either a deal (46%) or continuation of the status quo (39%) by end of March in 2020. Only 10% expect an escalation in tensions, and just 2% expect a complete end to the trade war (removal of all tariffs) by this date. Brexit and Beyond: All eyes are on UK politics this month as 41% of those surveyed reported the UK general election as the event they are most focused on in December. Participants generally expect a constructive outcome, with 43% expecting the pound to trade higher. Approximately half of the sterling bulls expect this to be short term move, while the other half see this playing out over a longer time period.