The biggest risk facing the stock market in the coming year isn’t trade jitters or the election, Deutsche Bank warns

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There’s plenty for investors to get all stressed out about in the coming year, and Deutsche Bank chief economist Torsten Slok’s latest list of the 20 biggest risks will do little to alleviate those concerns.

As you can see, the potential for more trade fallout and fears over slowing growth still rank high on Slok’s list, but inequality is in the top spot:

“They are all important at different horizons,” Slok told MarketWatch on Sunday, “but a continued rise in inequality and associated political response is something investors can no longer ignore.”

That idea, of course, isn’t lost on Democrats vying for the White House. Increased taxes on the rich, in an attempt to narrow the divide, is a critical part of the campaigns of both Sens. Elizabeth Warren and Bernie Sanders ahead of the 2020 election.

Big-name investors have already made it clear what a President Warren could mean for markets. Billionares Paul Tudor Jones, Leon Cooperman and Steve Cohen have all talked about a nasty correction that could follow her victory.

Meanwhile, stocks keep banging out record highs. The Dow Jones Industrial Average DJIA, +0.02%  , Nasdaq Composite COMP, +0.48%   and S&P 500 SPX, +0.26% all closed last week in the green.