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2022 Global Market Outlook

Playbook for a Shifting Economic Landscape

The global recovery appears on track, but policymakers may be challenged to slow inflation without stifling growth in 2022.

Key Themes

Growth Delayed, Not Derailed

The global economic recovery appears on track, but policymakers may be challenged to restrain inflation without stifling growth.

Focus on Fundamentals

 Equity valuations are vulnerable to rising interest rates. Slower U.S. earnings growth could favor less expensive, more cyclical ex‑U.S. markets.

Navigating Policy Shifts

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Risk of central bank missteps could keep bond markets volatile in 2022. With U.S. credit spreads tight, investors may want to cast wider global nets.

Path to Global Sustainability

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Investment in global supply chains, public infrastructure, and renewable energy development could benefit capital goods and related industries.

Additional Insights

December 2021 / INTERNATIONAL EQUITIES

Risk/reward looks attractive for Asia ex‑Japan equities.

By Anh Lu

Anh Lu Portfolio Manager

December 2021 / INTERNATIONAL EQUITIES

Attractive opportunities amid China’s fast-changing environment.

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Portfolio

December 2021 / JAPAN EQUITIES

Highly open market expected to benefit from global economic recovery.

By Archibald Ciganer

Archibald Ciganer Portfolio Manager

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202112- 1955783

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