Blog — 10 Jan, 2023
Insight Weekly: Stocks limp into 2023; GCC banks set for rebound; deep-sea mining faces pushback
By Sarah Cottle
Today is Tuesday, January 10, 2023, and here’s your weekly selection of essential intelligence on financial markets and the global economy from S&P Global Market Intelligence. Subscribe to be notified of each new Insight Weekly.
In this edition of Insight Weekly, we look back at U.S. equity market performance in 2022. The S&P 500 closed the year with a total return of negative 18.1%, its worst annual return since the Great Recession. Bank stocks fell back to negative territory in December as the Federal Reserve made its latest move to slow inflation. Gas utility stocks rebounded in the fourth quarter, but the rally failed to push the sector into profitability for the year.
Banks in the Gulf Cooperation Council region are set for higher profits in 2023 as they continue to reap the benefits of an economic recovery and moves by central banks to tighten monetary policy. Banks may also see increased underwriting activity thanks to the region's IPO boom.
Deep-sea mining will have a pivotal year ahead as the International Seabed Authority faces a July deadline to approve exploitation regulations. Some countries have called for a delay in issuing the new rules due to environmental concerns — a move that could cause financial trouble for some industry players.
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Written and compiled by Alex Virtucio
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