European Union
13/02/2024

Q4 2023 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

Global equities ended 2023 positively erasing the2022 downturn and rising to new bull market highs. This bull market turned one-year-old in October, and bull markets that reach one year almost always make it to two. We think this year will prove no exception. The current economic, sentimentand political drivers have the potential to deliver agood-to-great 2024.

  • A Resilient New Bull Market: Young bull markets are stunningly hard to derail. Those that reach one year oldalmost always reach two.
  • Improving Sentiment: While sentiment has perked amid equities’ late-year surge, most remain skeptical—providing ample room for upside surprise and big gains in the new year.
  • Politics is a Tailwind in 2024: Since 1925, US equities ended positive in 83.3% of presidential election years.Globally, political uncertainty likely fades throughout the year supporting stronger returns later in the year.

Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.


Fisher Investments Ireland Limited, trading as Fisher Investments Europe, is authorised and regulated by the Central Bank of Ireland (CBI), and is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). Fisher Investments Europe delegates portfolio management to its parent company, FI.