Market Review January

  Happy voting

2024 is the year of elections. Even, if the American presidential elections in November seem a long way off, the process is already underway this January and is already focusing commentary on what promises to be an exciting year. The financial markets have got off to a relatively good start, with the exception of China, which is still mired in its property problems.

Optimism about rate cuts in the United States has eased somewhat. The slight pressure on interest rates at the start of January is pushing bonds into negative territory. Swiss real estate, which has suffered so much, is continuing the rebound that began in mid-November.

Oil is up sharply, while gold is losing ground after a fine year in 2023. The USD and EUR are moving in the opposite direction, rising against the CHF.

The risk indicator remains in a low-risk zone. Only the commodities sub-index is still in a risky zone.

MAIN performances

XO Risk Aversion Index - Composite 250D

XO Risk Aversion Index - Components