The magnificent year 2023 is coming to an end. During this year, major changes have taken place in global politics, economy, technology, and military fields. In this video, let us focus on the financial field and review the major financial events of this year.
ChatGPT explodes out of the circle, ushering in the first year of AI. The chatbot ChatGPT, which was launched in November last year, quickly became popular on the Internet at the beginning of this year. Since then, domestic and foreign technology companies have released large language models, and hundreds of schools of thought are contending in the field of AI, which has had a huge impact on the global economy.
The Federal Reserve raised interest rates by 100 basis points throughout the year, a rate increase that exceeded expectations. The Federal Reserve has raised interest rates by a total of 100 basis points this year, and the federal funds rate target range has risen to 5.25%-5.5%, a new high in more than 20 years. At the last interest rate meeting of the year, the Federal Reserve kept interest rates unchanged for the fourth time, and the market expects to start a rate cut cycle next year.
Silicon Valley banks went bankrupt, and the U.S. banking crisis hit the world. In March this year, Silicon Valley Bank declared bankruptcy, becoming the second largest bank failure in U.S. history. The incident subsequently triggered a series of turmoil in the U.S. and global banking industries.
U.S. debt default crisis. In 2023, the United States faced an unprecedented debt default crisis, which had a profound impact on the global financial market and caused a crisis of confidence among international investors in the U.S. dollar and the U.S. bond market. Many international rating agencies downgraded the credit rating of the United States.
El Niño reappears, setting high temperature records around the world. In July this year, the United Nations World Meteorological Organization issued an announcement confirming that the El Niño phenomenon has returned to the earth after a lapse of seven years. Since the beginning of this year, extreme high temperature records have been broken many times around the world, and raw material prices have risen sharply in various places.
GLP-1 weight loss drugs are booming, and global pharmaceutical companies are accelerating their deployment. Since this year, the “magic drug for weight loss” semaglutide has become popular, and global pharmaceutical companies have accelerated their deployment in the field of weight loss drugs. In September, the share price of Novo Nordisk, the manufacturer of the “miracle weight loss drug”, surpassed that of luxury goods giant LVMH, becoming the European company with the highest market value.
A new round of Palestinian-Israeli conflict has impacted the global political and economic situation. On October 7 this year, a new round of conflict broke out between Palestine and Israel, and the two once again entered a state of all-out war. Although all parties have continued to mediate, the conflict shows no signs of stopping, causing a major impact on global politics and economy.
International gold prices hit a record high. Since October, the international gold price has been rising strongly. On December 4, international gold futures stood at the US$2,150 per ounce mark; spot gold rose to US$2,146 per ounce, both record highs. In the following trading days, the gold price showed a high and volatile trend. According to statistics, in the first three quarters of this year, central banks of various countries purchased a total of approximately 800 tons of gold, an increase of 14% compared with the same period last year.
Review the major global financial events in 2023. Click on the video to see what happens!
2023-12-31 03:23:00
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