January 08, 2024

Performance Insights - January 2024

Monthly report

Markets close volatile year on high, expecting end to tighter monetary policy

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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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