– 2023 kicked off with a rally for risk assets, except for Commodities, which declined 6% on falling oil prices.
– Value stocks got off to a strong start, outperforming growth stocks substantially. Healthcare was the only sector to finish in the red for the week.
– German stocks advanced 5.3% driving developed international equity indices higher.
– Yields on 10Yr Treasuries fell while T-Bill yields rose, leading to the deepest yield curve inversion since the early 80s.

– US Equities closed the books on 2022 with the worst calendar year return since 2008.
– Battered Tech stocks caused the NASDAQ Composite to finish the year down 32.1%. Energy stocks were up 65.7%.
– After bottoming in July, Latin America managed to finish the year up 9.5%. Meanwhile, China’s bear market continued into its 2nd year, down 22%.
– US Treasuries with long maturities fared worse than stocks, with a negative total return of more than 30%. The dollar climbed 7.9% in 2022.