Commentary
The world equity markets ended November with their biggest monthly rally in three years. Optimism comes from better-than-expected inflation figures, expectations of central bank rate cuts, and general acceptance that earnings and economic growth will be weak but acceptable in 2024.
The main challenge for investors in 2024 is to confirm these hopes as trends.
The first problem is believing that inflation will drop magically without any significant impact on growth and ignoring monetary aggregates.
Inflation is falling due to the significant decline in money growth, and this means an abrupt slump in liquidity, a weaker economy, and financial conditions worsening.
Broad money (M3) growth is down 0.9 percent in the United States year to date to September, according to data compiled by the Institute of International Monetary Research. In the eurozone, broad money growth was -1.0 percent, according to the European Central Bank….
Market Euphoria Is Based on 3 Myths
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