2023-01-20 Markets

A mixed week, with markets focusing on monetary policy developments (particularly in Japan) and on the results of the earnings season. I’m always amazed at the amount of attention bestowed upon a single quarterly statistic.

Worries about the direction of the global economy, while bothering developed market equities, bypassed completely emerging market equities, again the star of the whole lot (+0.9% in Euros). Clearly some investors believe the cycle has turned and are behaving accordingly.