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There have been two standout themes in global equities in 2023: the outperformance of the so called 'magnificent seven' US mega-cap tech stocks (without which US indices would have underperformed), and the Japanese stock market. There were also two standout underperformers - China and the UK. Will these trends continue in 2024?
The past few months have delivered a number of unwelcome developments resulting in greater risks to economic growth, higher inflation and more volatile markets.
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