News Snapshot:
It’s time to reflect on events last year that made us form views and opinions for the future. On the global financial market front, 2023 turned out to be a bad year for economic forecasters, who sounded unusually pessimistic. Banks like Silicon Valley and First Republic went bust, and Credit Suisse—one of the largest banks in Europe—going belly up created fear of the contagion risk. US 10-year treasury yield which almost touched 5%, surging crude oil prices and the Hamas-Israel war made it feel that global recession and uncertainty were almost knocking at the door. What transpired was the opposite....