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YTD ranking

The first month of the year is finished and there are clear winners. European banks have gone up by 16% measured in USD. Since the USD has weakened, currency has pushed non U.S. assets a bit more. On the other end of the spectrum, oil, one of last year’s winners of 2022, took a breather. If January is an indication of what the year will bring, it seems that interest rate favoured assets will enjoy tailwinds and rotation into non US assets may be the preferred strategy. 2023 may be another transition year for markets and economies that enjoyed easy money and now have to cope with thighter economic conditions.

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Source: Deutsche Bank

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