John Authers, Columnist

All to Play For in a Year of Two Halves

AI may still be in focus for the rest of 2023, but liquidity could be the real gamechanger.

July 5, 2023 at 4:10 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Now for the second half.
Photographer: Jeenah Moon/Bloomberg

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What comes next? The first half of 2023 was one of the weirdest and least expected passages in recent market history. Anyone with a bingo card six months ago that would have included far more rate hikes, a banking crisis (including the demise of Credit Suisse) and much disappointment over China’s attempt to emerge from the Covid-Zero shutdowns would have been unusual. If they’d also predicted a big rally for risk assets, that would have been even more impressive.