Asset Allocation Outlook
The end-of-year rally in fact started in November last year and continued in December, although it did slow. The upturns in equity indices in December were generally half the size of those in November. The engine behind the upturns wasn’t the approaching end to the year but once again lower interest rates. December again saw substantial downturns in 10-year bond yields.
Please see Van Lanschot Kempen’s Asset Allocation Outlook for January. The highlights this month are:
- Tentative start to 2024 for equities after strong end to 2023
- Inflation looks to be temporary after all, but ECB cautious about cutting interest rates
- Bonds relatively attractive versus equities
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