Top-of-mind economic news as we start the week:
— U.S. existing home sales fell to 4.1 million in 2023, the lowest level since 1995, with home prices at a record high.
— U.S. consumer sentiment in Jan. rose to 79 on a key index, as inflation fears eased; sentiment is back up to level of July 2021 but still far from around 100 at the start of 2020.
— The S&P 500 hit a record high, fully recovering from 2022 losses on expectations for 2024 interest rate cuts by the Fed amid ongoing economic growth.
— China’s reported 2023 GDP growth of 5.2% is being questioned as its real estate sector struggles: Dec. new home prices fell at the fastest pace in nearly nine years, and new construction starts plunged 20%.
— Major trends in ESG during 2023 and what to expect in 2024, according to the Harvard Law School Forum on Corporate Governance.
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