January proved, once again, to be a mostly solid month of returns for investors but there has been a lot of pieces to jigsaw together to understand why.
After a very buoyant set of returns in the final two months of 2023, the early days of January looked like some of that was being unwound, but other factors have driven markets since then.
- Changed interest rate expectations
- A change in direction in the bond market
- The Magnificent 7 ride again
- The Red Sea crisis
- More robustness from the US economy
