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Equities

Equity markets take their cue from central banks

Saira Malik
Chief Investment Officer
Office chairs and a conference table

Global equities delivered strong fourth-quarter returns, as rallies in November and December more than offset October’s decline. U.S. equity benchmarks led the way, with most posting double-digit gains, joined by non-U.S. developed markets, which outperformed their emerging-market (EM) counterparts and all-country world indexes. Although investors initially fretted over “higher-for-longer” interest rates, cooling inflation boosted market optimism that central bank tightening had peaked and lower policy rates were forthcoming. The Federal Reserve reinforced this view in December by signaling an end to its tightening cycle and projecting 75 basis points of rate cuts in 2024. Outside the U.S., central banks generally paused but did not telegraph easier policy.

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Endnotes

The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example. Performance data shown represents past performance and does not predict or guarantee future results. Investing involves risk; principal loss is possible.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For term definitions and index descriptions, please access the glossary on nuveen.com. Please note, it is not possible to invest directly in an index.

Important information on risk

All investments carry a certain degree of risk, including possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. This report should not be regarded by the recipients as a substitute for the exercise of their own judgment. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager.

Past performance is no guarantee of future results. There are risks inherent in any investment including, but not limited to, interest rate risk, credit risk, market risk and the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that the Fund's investment objectives will be achieved. See the applicable product literature for details. 

Economic and market forecasts are subject to uncertainty and may change based on varying market conditions, political and economic developments. This report should not be regarded by the recipients as a substitute for the exercise of their own judgment. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager. 

Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. 

Non U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and  accounting standards. These risks are magnified in emerging markets. 

Debt or fixed income securities are subject to market risk, credit risk, interest rate/duration risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. 

Nuveen, LLC provides investment solutions through its investment specialists.

This information does not constitute investment research as defined under MiFID.

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