Stocks have started 2023 with a 7% gain on the S&P 500, and 13.5% gain on the NASDAQ. It’s a solid performance to start the year, but will it last? According to Emmanuel Cau, the head of European equity strategy at Barclays, we might not be fully out of the woods yet. "Despite a still sticky labor market, softening US data (ISM down further below 50, weaker housing data) seem to matter for central banks' reaction function, which now appears more balanced between fighting inflation and preserving growth.