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The end of the year is fast approaching, stock markets will hear their final closing bells of the year later today and yearly candles will soon be cemented into history. There is a characteristic lack of market interest during this time of year, but we have a few titbits to tide us over to the New Year nonetheless.
US jobless claims came in slightly higher for the week ending December the 23rd, rising to 218,000 compared to an expected figure of 210,000. The data point is one of many suggesting the US economy is starting to cool off, giving the Fed the justification it needs to finally revise interest rates to the downside sometime in the future.
It has been a good year for stocks; the Dow Jones has gained almost 14% over this past year, the S&P 500 is up 24.5% over the same period, which is to say nothing of the Nasdaq Composite, which is on course to close 2023 over 44% in the black. In European markets, the German DAX sits just shy of a 20% gain on the year, the French CAC 40 is not far behind with a 16.4% rise and the UK’s FTSE 100 is set to close 3.6% up. All three have achieved new all-time highs this year. Moving further east, the Nikkei 225 has also had a good year, rising over 28%, moving closer to its long-standing all-time high set back in 1989. A different story in Hong Kong however, which has seen its Hang Seng Index fall 14% in 2023; its fourth consecutive yearly close in the red.
In light of no further attacks in the Red Sea, more shipping companies have stated their intent on resuming shipping through the Suez Canal. Predictably, oil prices suffered heavy losses on Wednesday and Thursday, Brent falling from highs of $81 down to lows of $77 a barrel, WTI now down to $72.
From all of us at Radex Markets, Happy New Year! See you again in 2024.
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