December 28, 2023
United States:
Nasdaq 100 Set for Best Year Since Dot-Com Bubble: Markets Wrap
A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial-intelligence exuberance and dovish Federal Reserve bets.
With only two sessions left before the final closing bell of 2023, the S&P 500 is less than 0.5% away from its record and the Nasdaq 100 is poised for its best year since 1999. As traders ramp up expectations on rate cuts in 2024, the global bond market is marching toward its biggest two-month gain on record.
https://www.bloomberg.com/news/articles/2023-12-27/stock-market-today-dow-s-p-live-updates
Europe:
ECB’s Holzmann Says Rate Cuts in 2024 Aren’t Guaranteed
One of the European Central Bank’s most hawkish Governing Council members said it’s too early to talk about lowering borrowing costs and such a move in 2024 is anything but certain.
“Even if the ECB is past an unprecedented series of ten consecutive rate increases, there is also for the year 2024 no guarantee of rate reductions,” Robert Holzmann said Thursday. “Monetary policy normalization is already showing its impact on slowing inflation, but it would still be premature to think about rate cuts.”
Asia:
Japan’s Patchy Recovery Unlikely to Speed Up BOJ Rate Decision
Japan’s factories produced less while retailers sold more in November, pointing to the patchy nature of the economy’s recovery from its summer slump as the central bank tries to assess when the nation will be ready for its first interest rate hike since 2007.
Industrial production edged down 0.9% from October as the output of automobiles, information technology equipment and general machinery fell, outweighing an uptick in chip-making gear, the industry ministry said Thursday. The drop was a touch less than expected, but still leaves output 1.4% lower than a year earlier.
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