{"id":17643,"date":"2023-02-20T10:10:09","date_gmt":"2023-02-20T09:10:09","guid":{"rendered":"https:\/\/www.banquecramer.ch\/market-insights-january-2023\/"},"modified":"2023-02-20T10:10:10","modified_gmt":"2023-02-20T09:10:10","slug":"market-insights-january-2023","status":"publish","type":"post","link":"https:\/\/www.banquecramer.ch\/it\/market-insights-january-2023\/","title":{"rendered":"Market Insights &#8211; January 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17643\" class=\"elementor elementor-17643\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-748db1e elementor-section-height-min-height elementor-section-items-stretch elementor-section-boxed elementor-section-height-default\" data-id=\"748db1e\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-wider\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8ffcd2\" data-id=\"e8ffcd2\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c31218 elementor-widget__width-initial elementor-widget-tablet__width-initial elementor-widget elementor-widget-heading\" data-id=\"5c31218\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Market Insights <br>January 2023<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2c7b52d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2c7b52d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-79cab35\" data-id=\"79cab35\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ba7af1d elementor-widget elementor-widget-heading\" data-id=\"ba7af1d\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Janus &amp; the Strenae<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-e41d0c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e41d0c4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-428fc03\" data-id=\"428fc03\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1123916 elementor-widget elementor-widget-text-editor\" data-id=\"1123916\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>In ancient Roman religion and mythology, Janus was the god of gates and doors, the god of beginnings and transitions, both in literal and abstract ways As we know, the month of January is named for him. Portrayed with two faces one facing the past, and one facing the future Janus was proudly venerated as a uniquely Roman god (rather than one adopted from the Greek pantheon) One way to honor Janus was essentially to exchange New Year\u2019s gifts such as dates, figs, honey and even coins with your friends These gifts, <em>stren\u00e6<\/em> in Latin, became <em>\u00e9trennes<\/em> in French, <em>strenne<\/em> in Italian (and <em>Neujahrsgeschenk<\/em> in German, for some reason).<\/p>\n<p>We, the neo Romans, had to deal with the ugliest face of Janus last year, and gave up a large chunk of our portfolios to honor him (as a reminder, 2022 performances: S&amp;P 500 -19.4%, Nasdaq-100 -33.0%, Stoxx Europe 600 -12.9%, Nikkei 225 -9.4%, HSCEI -18.6%). Pleased with our generosity, Janus in January decided to offer us better prospects on the macro, monetary and performance fronts.<\/p>\n<p>Global equities bounced in January indeed (S&amp;P 500 +6.2%, Nasdaq 100 +10.6%, Stoxx Europe 600 +6.7%), in a reflection of investors\u2019 growing belief that central banks can now tame inflation without bringing a recession. Credit spreads tightened substantially (iTraxx XOVER 5 yr 414 bps i.e. -60 bps, CDX 5 yr 430 bps i.e. -54 bps). This soft landing notion has been reinforced by a flurry of economic indicators in the U.S., ranging from (i) a better-than-expected jobs report (US nonfarm payrolls +223,000 in December vs. consensus +200,000 ), (ii) reassuring inflation data (US headline\/core CPI further decelerating to 6.5%\/5.7% year-over-year &#8211; the lowest annual advances in over a year), (iii) University of Michigan 1-year inflation expectations falling to 4% from 4.4% and household confidence rising to 64.6 from 59.7 last month, (iv) stronger-than-expected economic activity (US Q 4 GDP expanding +2.9% annualized vs. consensus +2.6%).<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4ff5688 elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"4ff5688\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-79e74fc elementor-hidden-desktop elementor-hidden-tablet elementor-widget elementor-widget-text-editor\" data-id=\"79e74fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer, <br \/>Head of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ee11f77 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"ee11f77\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Hans Itburrun<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e250b4 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5e250b4\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-xl elementor-animation-float\" href=\"https:\/\/www.banquecramer.ch\/wp-content\/uploads\/2023\/02\/Market-review-Cramer-Jan-23.pdf\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Download the full document<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0a1c157\" data-id=\"0a1c157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c1379f2 elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"c1379f2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Hans Itburrun<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9be4f8a elementor-hidden-mobile elementor-widget elementor-widget-text-editor\" data-id=\"9be4f8a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Chief Investment Officer, <br \/>Head of EAM &amp; Head of Asset Management<\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market Insights January 2023 Janus &amp; the Strenae In ancient Roman religion and mythology, Janus was the god of gates and doors, the god of beginnings and transitions, both in literal and abstract ways As we know, the month of January is named for him. Portrayed with two faces one facing the past, and one [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":16675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","footnotes":""},"categories":[150],"tags":[102],"_links":{"self":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17643"}],"collection":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/comments?post=17643"}],"version-history":[{"count":2,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17643\/revisions"}],"predecessor-version":[{"id":17645,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/posts\/17643\/revisions\/17645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media\/16675"}],"wp:attachment":[{"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/media?parent=17643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/categories?post=17643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.banquecramer.ch\/it\/wp-json\/wp\/v2\/tags?post=17643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}