– Global stocks rallied and commodities faltered on falling oil prices.
– It has been a textbook risk-on rally as the “safest” sectors – Healthcare, Utilities, and Staples are the only three sectors with negative ytd returns.
– Emerging markets are up 10% year to date as China continues to outperform. China is up 17% ytd.
– US Dollar has fallen 10% from its 2022 high, entering its first correction since 2021.
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– 2023 is off to a strong start for global equities and bonds with all major asset classes except commodities moving higher in the first two weeks of January.
– Healthcare and Consumer Staples were the only two sectors that did not participate in the market’s advance.
– International equities are outperforming US Equities with both developed and emerging markets outperforming.
– Bitcoin rallied 17% last week and is up 19.5% since the start of the year.
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Market Risk Index scales from 0 to 100%. Higher readings correspond with higher risk markets. Scores below 25% are bullish. Scores between 25-75% are neutral, and scores above 75% are markets vulnerable to major drawdowns.
Model Category Readings (Percentiles)
