Consensus forecasts point to a continued slowdown in China’s economic growth in Q4 2018. This is supported by recent economic releases, including the country’s manufacturing Purchasing Managers Index (PMI), which fell into contractionary territory in December, and weak trade data. The annual rate of GDP growth is expected to slow to 6.3-6.4% in Q4, down from 6.5% in the previous quarter. That said, growth should stabilise at about 6% this year, as monetary and fiscal stimulus (deployed since mid-2018) will partially offset headwinds from past deleveraging efforts domestically and adverse external developments, such as the ongoing US-China trade spat. Accordingly, Chinese authorities are expected to revise their growth target down from about 6.5% last year to a range of 6-6.5%. Elsewhere, UK Prime Minister Theresa May will return to the House of Commons to outline how she plans to move forward after her Brexit plan was crushed in an historic defeat last week and her government survived a no-confidence vote. However, the debate and vote on May’s Brexit plan B will take place on Tuesday, 29 January. At present, it looks increasingly likely that the Brexit deadline will be extended beyond 29 March. Meanwhile, a no-deal Brexit seems unlikely, given the strength of parliamentary opposition to leaving the European Union (EU) with no deal. Our medium-term view is that the UK will eventually land not far from where it started – meaning it will manage to maintain close ties with the EU. But the process is likely to be drawn out and in the meantime, uncertainty will persist. In the US, financial markets will be closed in observance of Martin Luther King Jr. Day.