Worst share market since 2008. But not worst December

Tuesday 3 January 2023

From the Market Ear:

We haven’t had this many down days of 1% or more since 2008. In terms of both up & down volatility, December has actually not been that extreme. It only ranks tied for 10th in terms of the most 1%+ daily moves (since 1952).

The biggest “delta” worked well this year

Fed’s BS remains the “biggest delta” out there. Markets topped out just when the BS “delta” rolled over late last year. Let’s see how next year develops….NASDAQ vs Fed BS rate of change.

Giants still huge

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.