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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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