– Commodities rallied on an oil price rebound, and global stocks and bonds started the first week of 2024 with declines.
– Last year’s worst performing sectors, Energy and Utilities, advanced, while last year’s biggest winner (Tech stocks) fell by 4%.
– Frontier markets with heavy commodity exposure started the year with strong rallies.
– Natural gas and oil were strong, and the dollar rebounded, up more than 1% for the week.

– US Equities outperformed global assets by a wide margin in 2023. Performance was big-cap driven, with the S&P 500 beating the median stock by the most since 1999.
– Sector, style, and factor performance was widely divergent – large cap tech was 2023’s biggest winner. Tech outperformed Utilities by the most since 1999.
– Emerging markets lagged developed markets, driven by weakness in China. China was the 3rd worst performing country in 2023 and has declined three years in a row.
– Global fixed income finished the year with respectable returns, with all of the gains coming in Q4. In a sign that animal spirits have returned, Bitcoin closed the year up 150%.