Despite an increase in market chatter on the need to adjust the outlook for European central banks and the US, price dynamics for most financial markets have remained fairly muted of late.
When Chancellor George Osborne stood up to deliver last week's Autumn Statement, there was little doubt he felt more bullish than in 2012.
Markets are fickle creatures. This time last year, China was a veritable investment dog for most institutional investors. Now, a short 12 months later, it must qualify as the top contrarian bet for 2014.
As Britain has laboured to escape recession, we have heard a common complaint from critics of industrial and economic policy: "Where are Britain's ‘Mittelstand' companies?"