– 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.

– 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.