Strategy Update 4th Quarter 2023


Review: Interest rate cut expectations as a catalyst for equity markets

The fourth quarter of 2023 was characterized by high volatility in the equity and bond markets. At the beginning of the quarter, we recorded yearly lows in equities and bonds, while falling interest rates received little attention. The prevailing expectation of “higher for longer” in interest rates exerted strong pressure on prices, exacerbated by a gloomy economic outlook, especially in Europe. A turning point occurred when surprisingly declining inflation figures were published at the beginning of November. This led to the expectation of interest rate cuts…

Read more in the Strategy Update from the 4th quarter 2023.

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