Monthly report
Markets close volatile year on high, expecting end to tighter monetary policy
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Overview
Global stock and bond markets ended 2023 with a broad-based risk-on rally in November and December, expecting the end of the “higher-for-longer” monetary policy regime, amid easing inflation trends in many major markets. In Q4, declining long yields were supportive of long-duration bonds, while the USD, crude oil and defensive equities lost ground.
Key highlights:
- Global asset classes – Q4 risk-on rallies help markets end year in green
- Global equities – Japanese and US equities fare best
- Industry returns – Cyclicals finish year on top
- Alternative indices – European and UK REITs outperform
- Factor performance – Value and Quality outperform
- Foreign exchange – Performance versus the USD mixed
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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