Market Commentary

January Market Review 2024

January Economic Background • U.S inflation higher than anticipated • Federal Reserve holds rates at 5.25-5.5% • Chinese equities continue their downward trend • Red-sea conflict causes shipping rates for Asia-to-Europe routes to surge Source: Morningstar (MSCI ACWI IMI; Bloomberg Global Agg) Market Review U.S Economy: In December, U.S. inflation exceeded predictions, reaching 3.4% annually – surpassing the expected 3.2%. This development dampened market expectations of an imminent decrease in interest rates, originally anticipated for…

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