International markets ended 2022 on a softer note with most international indices ending December lower, although still providing a positive fourth quarter return to cap a volatile year. The volatility was dominated by a combination of issues, being: (a) the aggressive hiking of interest rates by the various central banks to curb runaway inflation as well as recessionary fears, (b) the Russian invasion of Ukraine, which has impacted energy and food costs, as well as (c) the continuing spectre of the Covid-19 pandemic and the resurgence of cases in China, as that country was in the process of reopening its borders and reducing very strict pandemic controls. The market indices all trended softer as the markets recorded their worst annual performance since 2008, with the S&P 500 recording a decline of 6% for the month of December and 19.4% for the year. Similar weakness impacted the Dow, which was down by 4.2% for the month and almost 9% for the year. The Nasdaq was down by over 8.5% for the month and being the worst annual performer, dropping by over 33% for the year. On the US economic front, inflation data for November showed a slowdown for the second consecutive […]
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