Introduction……
After a negative twelve months in 2022 for the majority of risk assets, 2023 can best be described as a year of 3 Rs : Recovery, Resilience and Rollercoaster, particularly for equities and bonds. Recovery in 2023 was driven by a combination of suppressed valuations post 2022, better news on inflation, Central Banks’ interest rate hikes and tightening cycle peaking in the second half, and the “ AI” revolution and optimism surrounding innovation in the Artificial Intelligence sector, driven by the performance of the Mega Cap Tech stocks – The Magnificent 7 : Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet and Tesla.
As we enter 2024, the consensus view is that interest rates have now reached a peak and with the outlook for greater price stability and inflation moving closer to target 2.0- 2.5% levels, the market expects rates to move in a downward cycle as we move through the year, with H2 the likely timing…
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[a] www.seasprayfinancialservices.ie
