Chinese Stocks Plunge While U.S. Markets Soar in Divergent 2023 Performance
• Chinese stocks were the big losers in 2023, with the CSI 300 index falling over 11% and Hong Kong's Hang Seng index down almost 14% • Oil prices also declined in 2023, with Brent crude heading for a nearly 9% annual drop and WTI crude on track for a over 10% loss • Sluggish economic growth and weak consumer demand in China contributed to the stock market declines and lower oil prices • U.S. stocks performed very well in 2023, with the S&P 500 index on pace to gain almost 25% for the year • Abundant U.S. oil production, forecast to hit new records in 2023 and 2024, has helped drive down crude prices despite OPEC+ supply cuts