December 06, 2023

Performance Insights - December 2023

Monthly report

Markets recover amid easing inflation and falling long yields

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Stocks and bonds recovered globally in November in a return of risk-on sentiment. Market expectations shifted toward major central banks holding or cutting policy rates in 2024. Inflation eased and long yields fell in major developed markets, buoying long-duration assets. The US dollar retreated, while crude oil extended losses.

Key highlights:

  • Global asset classes – Widespread cross-asset recovery
  • Global equities – US fares best in global rally
  • Industry returns – Technology, real estate and industrials shone; energy lagged
  • Alternative indices – REITs rebounded strongly in UK and Europe
  • Factor performance – Size made a comeback
  • Foreign exchange – US dollar retreated

This report provides actionable insights on global performance across asset classes, regions, currencies, industries and styles, using proprietary month-end data from our flagship index families.

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