Important note from the ECB Minutes released today. The ECB is looking to push back against the market's rate cut expectations for 2024. Members expressed concern that rates falling too low could ease financial conditions too much as the disinflation job is not finished. Directly from the Minutes:

"Concern was expressed that the sharp market repricing threatened to loosen financial conditions excessively, which could derail the disinflationary process... it was widely regarded as important not to accommodate market expectations in the post-meeting communication."

It looks like they are following through. ECB member comments at Davos have been hawkish for the most part. I expect some repricing in euro equities in Q1.

$EZU $FEZ