The broad-based rally in “risky” assets that got underway in Q4 of last year has continued in 2023 so far, with global equities, developed market (DM) REITs, corporate bonds and industrial metals all off to a strong start to the year. Those gains have been supported by a further retreat in the yields of most “safe” assets. But they also seem to reflect investors turning more upbeat about the outlook for global growth.
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