Market Commentary December 2023

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December was another good month for markets following a strong November, which itself was an improvement on previous months. Both equities and bonds rallied strongly, and it appears that previous geopolitical worries are no longer a concern for markets.

Lower than expected inflation rates, combined with some central banks indicating that they would lower interest rates in 2024, pushed bond yields down. At the same time, the US economy continued to show signs of resilience while the rest of the world displayed signs of economic slowdown. 

However, there are strong indications that inflation has peaked in various regions. So, while some central banks maintained a cautious approach, signalling prolonged high interest rates, others indicated that the direction of travel is towards easing rates.


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