Stock market, how to earn in the second half of 2023: who can win between Wall Street, Europe and China

Stock market performance (despite monetary tightening)

Six months ago, very few investors would have bet on such a brilliant first half of the year: just think that 10,000 euros invested in technology sector shares at the beginning of January have already become 12,700 (see graph). The performances in euro achieved in the first half of the major global stock exchanges are all double-digit, including Piazza Affari which, at this juncture, has outperformed Europe and the USA. Only the dollar, yen, oil and UK government bonds lost ground. Are numbers like these consistent with the ongoing monetary tightening, the most severe in the last 30 years, and with the winds of recession? Ultimately, the question that torments the operators is all here. And the analysis of what happened in the past months offers some useful arguments for thinking about the prospects of the markets in the second half of the year. Despite the monetary tightening, the financial system proved to be much more solid than previously thought, overcoming the banking crisis in mid-March without any particular trauma. Meanwhile, the monetary authorities, faced with limited problems, have been able to put punctual, surgical solutions on the track – says Antonio Cavarero, investment manager of Generali Insurance am -. At that point the market started looking to the full side of the glass.

03 Jul 2023

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