The atmosphere is not particularly carefree or relaxed on stock markets, in the traditionally quiet week between Christmas and New Year's Eve. Investors did not get their end of year rally, perhaps because indices had already rebounded quite a bit since mid-October. The reason for this post-Christmas depression has not changed: the central banks' hawkish policy is frightening investors, who fear an uncontrolled slowdown of the major economies. If inflation was the central theme of 2022, economic momentum promises to be the common thread in 2023.