Monthly Market Update (January): 3 Things You Need to Know

Overall, January continued the strong bounce back seen for most global assets since October even if the performance seen in the first half of the month wasn’t quite matched in the second half. It was still the best January in several years for many assets. Here are 3 things you need to know:

  1. Q4 2022 Gross Domestic Product (GDP) came in above expectations at 2.9%. The increase primarily reflected increases in inventory investment and consumer spending. Real GDP increased 2.1% in 2022.
  2. U.S. inflation data released in January showed the rates of headline and core Consumer Price Index (CPI) slowed in December to 6.5% and 5.7%, respectively.
  3. The following are selected examples of it being the best January since the year in brackets: US Investment Grade Corp Bond Index (1975), European Banks (best January since index started in 1987), the Italian FTSE MIB Index (1998), NASDAQ (2001), Copper (2003), the Shanghai Comp Index (2009), the Hong Kong Hang Seng Index (2012), the Euro High Yield Index (2012), the Stoxx Europe 600 stock index (2015), US Treasuries (2015), Gold (2015), and the Germany DAX stock index (2015). (Source: Deutsche Bank, Bloomberg Finance LP)


Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (; Bloomberg; FactSet.


  • The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
  • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
  • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
  • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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