MATURITY is the 投資家's watchword for 2024, says Richard Hunter
Each December, Interactive 投資家's Richard Hunter looks to the year ahead and 輪郭（を描く）s his word for the year - and why the items whose first letters （不足などを）補う the acronym 事柄.
This year, the keyword is MATURITY. Richard explains why below.
Last year we asked whether 2023 would be a time for REFLECTION, 公式文書，認めるing the factors of 後退，不況/収入s/連邦の Reserve/貸付金 loss 準備／条項s/ESG/消費者/ Total returns/インフレーション and 利益／興味 率s/Online and Nasdaq.
Indeed this turned out to be the 事例／患者 in a year 支配するd by インフレーション and 利益／興味 率 期待s, a move に向かって strong growth 株 such as mega cap 科学（工学）技術 在庫／株s in the US and 後退，不況s which did not materialise.
And the year is 長，率いるing に向かって a more 肯定的な end as 利益／興味 率 見積（る）s are 錨，総合司会者d and the 可能性 of a soft 上陸 in the US seemingly 増加するs.
インフレーション, M&A and 人工的な 知能 will all be closely watched by the City in 2024
At the time of 令状ing, the Dow Jones 産業の 普通の／平均（する） in the US has risen by 9.3 per cent in the year to date, the S&P 500 by 20 per cent and the Nasdaq by 37 per cent.
In the UK 一方／合間, the FTSE 100 has 追加するd just 0.8 per cent, while the more 国内で 焦点（を合わせる）d FTSE 250 is 負かす／撃墜する 2 per cent during the year.
This year we ask, in our 年次の acronym ? in 2024, will any market 回復 reach MATURITY or could there be even その上の to go?
The factors most likely to 影響（力） 投資家s are as follows:
- M&A
- AI
- Turbulence
- UK market
- 後退，不況
- インフレーション
- 科学（工学）技術’s Magnificent Seven
- 産する／生じるs
M&A
合併 and 取得／買収 ac tivity has been in the doldrums まっただ中に market volatility, but there are some 調印するs this could change next year.
In particular, a stabilisation of 利益／興味 率s and a 広大な／多数の／重要な 取引，協定 of pent-up 需要・要求する could see 君主 wealth 基金s, 私的な 公正，普通株主権 or larger 法人組織の／企業のs reaching for their chequebooks.
類似の to the 上げる which the 製薬の 産業 gave to M&A in acquiring small specialist companies rather than 追求するing their own 大規模な 研究 & 開発 部隊s some years ago, next year could be a year for AI.?
Companies wishing for a quick 大勝する to AI （危険などに）さらす and without their own in-house 開発 技術s could 井戸／弁護士席 decide to snap up 存在するing AI 製品s and 専門家s.
AI
This has been the buzzword of the year in 投資 条件 and its 可能性のある 使用／適用s across most walks of life are likely to keep the frenzy alive.
The 速度(を上げる） at which it is developing, and the 可能性のある for large 利益（をあげる） resulting from this, could 示す the beginning of a new 科学（工学）技術 革命.
It will also need to navigate the 障害物s which will come its way, such as 職業 losses, 政府s, 規則 and 制限.
In any event, it will remain a 支配的な 主題 for 投資家s.
Turbulence
Perhaps one thing that can be 保証（人）d in any given year is market turbulence.
At first ちらりと見ること, next year 約束s to be no different, with geopolitical 関心s such as between ロシアの/ウクライナ共和国 and in イスラエル, 同様に as 現在進行中の and simmering 緊張s between the US and 中国
In 新規加入, 収入s 昇格s or downgrades to companies, 予期しない 経済的な shocks or 活動／戦闘s by central banks and 選挙s in the US and UK will all 追加する to the mix.
株 this article
UK market
UK 株 have been on the naughty step with international 投資家s for some time now, 最初 誘発するd by the Brexit 国民投票 and subsequently snubbed as the 追跡（する） for growth 強めるd.
記録，記録的な／記録する highs 記録，記録的な／記録するd in February for the 首相 索引 were 全く erased as 投資家s sought growth どこかよそで.
Indeed, the 選挙権を持つ／選挙人s of the FTSE 100 may have a large （危険などに）さらす to overseas 収入s, but this has 削減（する） little ice on the basis that many of the companies are ex-growth, even if they are stable, 一貫した and profitable.
Richard Hunter, 長，率いる of markets at Interactive 投資家?
On a valuations basis, the UK 貿易（する）s at around half of that given to the US (and indeed most of the developed world).
Many are agreed that the UK market is 延滞の a rerating. やめる when that might happen remains 完全に 不明瞭な.
後退，不況
The 宗教上の Grail for 投資家s this year has been whether the 連邦の Reserve can engineer a soft 上陸 in the US, whereby 経済成長 持つ／拘留するs up にもかかわらず the 無効にするing 影響 of an 積極的な 利益／興味 率 引き上げ（る）ing 政策.
The 現在の 楽観主義 that this will play out next year has been a 中心存在 of 最近の market strength and will certainly be a major factor in 設立するing 感情.
In the UK, the 状況／情勢 is more problematic, with a 最近の 下落する in 消費者 discretionary spending as a result of cost-of-living 圧力s a 関心ing 傾向. 一方／合間, インフレーション (and indeed 利益／興味 率s) remain elevated which, 始める，決める against anaemic 経済成長, could yet tip the UK into recessionary 領土.
インフレーション
At different times this year, インフレーション and the need to 増加する 利益／興味 率s ーするために bring it under 支配（する）／統制する has been something of a drag on both market 業績／成果 and 感情.
The 最新の data 示唆するs that some 戦う／戦いs have been won, but not the war. There is also the 可能性 that the 'final yard' between インフレーション at, say 3 per cent and a 2 per cent 的, could be the most difficult.
A 冷静な／正味のing 労働 market and 落ちるing cost-of-living costs would help, as would stabilising energy prices. In the 合間, the Fed’s 現在の mantra of 'higher for longer' is an example of central banks’ 決意 to 減ずる the headline 人物／姿／数字 once and for all 支援する to 的 率s.
科学（工学）技術’s 'Magnificent Seven'
The いわゆる 'Magnificent Seven' 在庫／株s in the US - Apple, アマゾン, Alphabet, Nvidia, Meta, Microsoft and Tesla ? have had a 肯定的な but disproportionate 衝撃 on market 業績／成果 this year.
It is 概算の that they 代表する 29 per cent of the S&P 500 by market capitalisation, a 支配的な position. In 新規加入, Goldman Sachs have shown that these handful of 在庫／株s have 伸び（る）d 71 per cent this year, while the remaining other 493 companies have 追加するd just 6 per cent - an astonishing 発覚.
But can it continue?
As について言及するd above, the 可能性のある 使用／適用s (and profitability) of AI certainly lit a 解雇する／砲火／射撃 under 科学（工学）技術 在庫／株s this year, and the Magnificent Seven in particular.
But AI is not the only game in town.
We are seeing swift and 抱擁する 革新 in many other areas, 範囲ing from augmented reality (AR) to 6G 科学（工学）技術 which should revolutionise 網状組織 communications ? and plenty in between.
Personalised healthcare and 治療 based on デオキシリボ核酸 data is no longer a distant dream, while 開発s in nanotechnology are finding new 使用／適用s across a host of 産業s.
革新 will continue to 前進する apace and many of the larger tech 会社／堅いs in particular seem 井戸／弁護士席 placed to 利益. Indeed, and as we について言及するd this time last year, 'it may also be fair to say that 投資家s ignore the tech 巨大（な）s at their 危険，危なくする, since there is plenty of 範囲 for その上の growth'.
産する／生じるs
社債 産する／生じるs, which 供給する an important pointer to borrowing 率s, have been elevated for most of this year in the 直面する of 高くする，増すd 利益／興味 率 期待s.
The 状況／情勢 should now hopefully have stabilised, as 証拠 by a 最近の 下落する in 産する／生じるs.
In any event, given the inverse 関係 between 社債 prices and 産する／生じるs, there is the 可能性 for both 資本／首都 伸び（る）s 同様に as an attractive level of 利益／興味.
They would also likely become the 的 of buying 利益／興味 should any 経済的な shocks arise, with 投資家s 慰安d by the safety of 政府 社債s such as US 財務省s and UK gilts.
（株主への）配当 産する／生じるs will also continue be a 主題 for income-捜し出すing 投資家s in particular. On 普通の／平均（する）, the FTSE 100 現在／一般に 産する／生じるs 3.9 per cent and while （株主への）配当s can never be 保証（人）d, prospects are high that such 産する／生じるs can be 持続するd given the strength of the underlying 選挙権を持つ／選挙人s.
Richard Hunter is 長，率いる of markets at Interactive 投資家.?
