The other major indexes were also down on the year, with the Dow down 8.8 per cent and the Nasdaq 33.1 per cent, while the TSX’s losses were 8.72 per cent, buoyed by a strong year for energy stocks.This advertisement has not loaded yet, but your article continues below.“December is supposed to be a pretty good month, if you look at the performance historically, and we just didn’t get that.”
Investors are focused on what is widely expected to be a tough first half of the new year, Chong said.Chong said he thinks a mild recession in the first half of the year is the most likely scenario.The TSX’s energy index was up half a per cent, while the telecom index was up 2.62 per cent on news that the Competition Tribunal has dismissed a challenge to Rogers Communications Inc.’s takeover of Shaw Communications Inc.
Markets in 2022 have been “hyper-focused” on economic data releases like inflation, employment and GDP, looking for hints into the central banks’ rate-hike decisions, said Chong. While that might still be the case as 2023 begins, he said the next round of earnings will help shift investors’ focus.Article content
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