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Heading into 2023, capital markets appear to have priced in a significant global economic slowdown. The key question is whether this deceleration will lead to a full-fledged recession.
Much depends on the US Federal Reserve and the world’s other major central banks as they continue efforts to bring inflation under control.
The good news? Valuations across most select asset classes look more attractive today. Global equities have seen multiples compress, while sharply rising yields have improved the potential for prospective fixed income returns. Elevated geopolitical risks, deglobalisation, and changing market structures mean investors should be prepared for higher volatility; but volatility - and excessive pessimism - can create value for agile investors.
In this Global Market Outlook, our experts share insights on the four key themes they expect to influence markets over the coming year, and the investment opportunities and risks that could lie within.