As the curtain falls on 2024, one thing is clear: the bulls have not just run – they’ve charged through financial markets, leaving the bears licking their wounds.

This time last year, many market participants were lukewarm on the prospects of equities rallying further than they had. Driving the 2023 rally was the prevailing thought that lower interest rates would be great for business and the market was anticipating six to seven rate cuts in 2024.