The Big Picture

Vincent Boland: Markets reset expectations to coincide with global slowdown

Looming global recession, economic disruption in China and war in Ukraine make 2023 a year of great uncertainty and risk for companies and investors

Looming global recession, economic disruption in China and war in Ukraine make 2023 a year of great uncertainty and risk for companies and investors

On the first business day of 2022 the stock market valuation of Apple reached $3 trillion, making it the most valuable company in the history of capitalism. On the first business day of 2023, the iPhone maker’s value reached $2 trillion. It is still the most valuable and admired company in the history of capitalism, but that missing $1 trillion of value is very telling. It sums up last year in one number.

As 2023 ...