This week, we at Bourse recap the performance of local and international stock markets as at the end of the 2nd quarter of 2023 (HY2023). Local equity markets continued their decline, reflecting weaker regional investor sentiment. In contrast, global markets rebounded, buoyed by investor optimism on the near-conclusion of the Fed’s rate hikes, cooling inflation and stronger corporate earnings. Are local market investors being overly conservative? Can international markets maintain momentum in the second half of the year?