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Global financial markets gained through mid-January as the acceleration of generational inflation slowed, though investors positioned for a weakening economy in 1H22. Small caps, technology, commodities, and energy led global equity market gains, while Spain, Italy, France, Brazil, and Hong Kong led regional gains. Interest rates declined on slowing inflation metrics, while the US dollar fell against most currencies. Commodity gains were led by Copper, Oil, and Lumber, while Natural Gas plunged.
The HFRI-I Liquid Alternative UCITS Index gained +1.73% through mid-January. Comments reference performance figures as of January 16, 2023