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World Markets Review
World markets review — Second quarter 2023
July 12, 2023
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Global equities rallied, driven by strong gains among a handful of technology companies linked to the development of artificial intelligence platforms. The US Federal Reserve’s (Fed) decision to pause its aggressive interest rate-hiking campaign also helped support the market’s advance, along with better-than-expected economic growth in the US, Japan and India.


Information technology stocks soared as investors speculated that chipmakers such as Nvidia and software developers such as Microsoft would lead the next wave of innovation in artificial intelligence. Consumer discretionary stocks also moved higher as consumer spending proved resilient despite elevated inflation and higher interest rates.


Bond market returns were mixed. While the Fed held rates steady in June, the European Central Bank (ECB) - along with many other central banks around the world - continued to tighten monetary policy. The Bank of England surprised markets with a higher-than-expected hike of 50 basis points. ECB officials signalled that more rate increases are on the way.


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Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.