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The big surprises of 2023 and what it means for 2024

    • The top 10 stocks by market capitalisation account for over 65 per cent of the returns in the S&P 500 in 2023. While these names will benefit from falling interest rates and the widespread adoption of artificial intelligence, investors could seek investment opportunities beyond the mega-caps.
    • The top 10 stocks by market capitalisation account for over 65 per cent of the returns in the S&P 500 in 2023. While these names will benefit from falling interest rates and the widespread adoption of artificial intelligence, investors could seek investment opportunities beyond the mega-caps. PHOTO: PIXABAY
    Neo Teng Hwee

    Neo Teng Hwee

    Published Wed, Dec 27, 2023 · 05:00 AM

    INVESTORS have plenty to celebrate in 2023. As measured by the MSCI World Index, global equities grew over 20 per cent while long-term interest rates fell, leading to price gains for bonds. This is a pleasant surprise, as at the start of the year.

    Many forecasters were expecting a recession in the United States due to the elevated inflation: 6.5 per cent for Consumer Price Index (CPI) and 5.7 per cent for core CPI against the Fed’s target of 2 per cent. 

    Several market pundits also expected inflation to be sticky due to a myriad of structural dynamics such as de-globalisation and energy transition. 

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