Global bond and stock markets added almost $20 trillion in capitalization during 2023 and all of that gain came in the last two months of the year. For the last week of 2023, the major equity indices were mixed. The S&P 500 Index marked its ninth straight weekly gain—its longest stretch since 2004—and briefly moved within 0.5% of its all-time intraday high. The week closed out a strong year for all the major indexes, led by the Nasdaq Composite, which recorded its sixth-biggest annual gain since the index was launched in 1971. As was widely expected, trading volumes and market moves were muted through most of the week, with trading closed Monday and many investors out of the office. On Wednesday, reports emerged that The New York Times had filed suit against generative AI companies for copyright infringement, given that the media giant’s content was being used to train ChatGPT and other large language models developed by these firms. U.S. Treasuries rallied early Wednesday as the Treasury’s final auction of the year saw strong interest. The STOXX Europe 600 Index reached almost two-year highs, gaining 0.41% on growing optimism on interest rate cuts early next year. Japan’s stock markets ended higher, with the Nikkei 225 Index up 0.89%. Chinese equities rose in the final week of trading for 2023 as the government announced new online game approvals and calmed fears about a potential clampdown on the gaming sector.
Have a great week-end and lovely holidays. The whole Syz Team is wishing you all the best for 2024. Happy New Year!