– Global equities were up modestly, and commodities rebounded. US Treasuries and Real Estate were flat.
– Small cap stocks continued their streak of weekly outperformance. Utilities were the only sectors to decline.
– Emerging markets closed lower on a 4% decline in China, making China is the second worst performing country in 2023.
– Gold prices closed the week at another new all-time high.

– A broad, global rally among all asset classes last week on Fed signaling possibility of three rate cuts in 2024.
– Small cap stocks are playing major catch up to finish the year. Small Cap value outperformed all sectors, styles, and factors.
– Peru’s stock market climbed a whopping 17.6% last week.
– Broad rally among fixed income sectors. The US dollar fell to the lowest level since late July.

– Stocks and bonds were flat, and commodities experienced a broad decline.
– Sectors were mixed, but small cap stocks were strong across the board, rallying more than 1%.
– China fell more than 3.5% setting a new 52 week low. This coming February will mark three years since the bull market peak in China.
– Crude oil is down more than 25% off its September peak, falling below $70bbl last week.