瑞士宝盛：2024年市场展望报告-新一轮周期的开启（英文版）（56页）.pdf

1、MARKET OUTLOOKThe start of a new cycle 2024Marketing materialPublication date:11 January 2024,8:00 CETPlease find important legal information at the end of this document.Source:Bank Julius Baer&Co.Ltd.(Julius Baer),unless explicitly stated otherwise.3 EditorialDear Reader,Our outlook for 2023 was th

2、at it would be the year of the cool-down.Whilst this took a while to come to fruition,we did eventually see both growth and inflation rates slowing as expected.Now that we have entered 2024,the talk is all about when we will finally see the major central banks start to loosen their monetary policy.U

3、ntil the timing of this becomes apparent,there may be some ner-vousness in the markets.However,as inflation cools off further,we expect to finally embark on a new,more familiar economic cycle.Barring any wild-card events,we expect both equities and bonds to benefit.At the start of the year,it pays t

4、o remain invested in quality growth and defensive stocks,as well as qual-ity bonds.However,as the markets get the first scent of the new,lower interest rate environment,investors will benefit from adding cyclicals to their portfolios too.When it comes to overarching themes,the power of the Magnifice

5、nt 7 and the ability of artificial intelli-gence to impact all sectors should not be ignored.Furthermore,as always,alternative investments pro-vide another option for increasing the diversification of a portfolio.The market rally that we saw at the end of 2023 demonstrates the power of remaining inv

6、ested.Julius Baer looks forward to helping you navigate your way through your investment decisions in 2024 by maximising the opportunities that the new cycle is expected to bring.As always,we thank you for your trust in us and wish you a very successful year ahead.Yours faithfully,Christian Gattiker