December 11, 2023
United States:
A Record High Is in the Cards for US Stocks in 2024
The S&P 500 Index will hit a record high in 2024 as the US avoids sinking into a recession, although a weaker consumer will mean the index gains less than this year’s 20% surge, according to Bloomberg’s latest Markets Live Pulse survey.
A median of 518 respondents expect the S&P 500 to climb to 4,808 points next year — topping its previous closing peak of 4,797 hit in January 2022 — and the 10-year Treasury yield to drop to 3.8% from this year’s high of 5%.
Europe:
Euro Area to Suffer First Recession Since Pandemic, Survey Shows
The euro zone will succumb to its first recession since the pandemic, with the economy shrinking for a second straight quarter in the final months of the year, according to a Bloomberg poll of analysts.
The 0.1% contraction now predicted between September and December compares with the previous survey’s projection for output to remain unchanged. A mild recovery is seen at the beginning of 2024.
Asia:
India’s Potential Growth Rate Likely Now at 7%, Axis Estimates
India’s economy can grow at 7% without triggering an inflation spiral, Axis Bank Ltd. estimated.
The projection for the economy’s potential growth rate is based on fresh capital formation seen in real estate and private corporate sector, Neelkanth Mishra, chief economist of Axis Bank, said at a briefing on Monday in Mumbai. These segments of the economy slowed down during the 2012-2019 period.
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