From 2023 to 2024: Insights & Outlook

Reports and studies — Financial Advisory

January 08, 2024


Lazard thought leaders present their insights on the current landscape for geopolitics, shareholder activism, and the forces that will shape global financial markets in 2024.

Top Geopolitical Trends in 2024

2024 is set to be another year of extraordinary geopolitical volatility. Ongoing conflicts, the resurgence of great-power competition, and a busy global electoral cycle will keep geopolitics front and center for businesses in the year ahead.

In this report, the Lazard Geopolitical Advisory (LGA) team explores the top geopolitical trends poised to shape 2024.

Click here to learn more.

2024 European Venture & Growth Outlook

Heading into 2024, Lazard's Venture & Growth Banking (VGB) team believe there are five key questions likely to affect equity fundraising in the coming 12 months. Learn more in their year-ahead European Outlook.

Annual Review of Shareholder Activism 2023

We begin 2024 by looking back at a remarkable year. New shareholder activism campaigns increased 7% year-over-year in 2023, and reached an all-time record in Europe and APAC.

Lazard’s 2023 review of shareholder activism highlights key trends and data in shareholder activism throughout the past 12 months.

Read more about the findings of our 2023 Review of Shareholder Activism.

Lazard Asset Management: Market Outlooks for 2024

Outlook on Emerging Markets in 2024

We believe emerging markets equities are becoming ever more attractive as it remains one of the most mispriced asset classes globally with valuation discounts relative to developed markets and U.S. equities hovering near 30% and 40%, respectively.

Read our Outlook on Emerging Markets in 2024.

Outlook on Japan in 2024

Two themes became more prominent in Japan over 2023 and, in our view, will be driving factors for equities going forward: corporate governance improvement and the shift to inflation from deflation.

Read our Outlook on Japan in 2024. 

Outlook on Europe in 2024

European stocks have been boosted by expectations of interest rate cuts, but our European Equity team is perplexed by the level of markets at the start of a recession. Equities run the risk of hitting an air pocket should optimism subside as the full effects of multiple interest rate rises hit home.

Read our Outlook on Europe in 2024.

Outlook on the United Kingdom in 2024

In common with other developed stock markets, excitement about the scope for interest rate cuts this year has generated exuberance in U.K. equities in recent weeks, leaving share prices vulnerable to a potential pullback should rate expectations recalibrate to more realistic levels

Read our Outlook on the United Kingdom in 2024. 

Global Outlook 2024

The past five years have upended economies globally, and the riskiest geopolitical circumstances in decades have compounded this sense of upheaval in 2023.

The outlook for 2024 is not rosy—but it’s also not bleak. Ronald Temple, Lazard’s Chief Market Strategist, explains why in his Global Outlook for the year ahead.

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