The risk of a global recession in 2023 appears elevated, as developed market central banks hike aggressively into slowing economic growth. However, markets may be overestimating the risk of a deep downturn.
Leaning Against the Wind
Earnings growth estimates for 2023 have started to fall but are still positive, suggesting negative earnings growth could be the next big issue for equity investors.
The Return of Yield
Rising rates have pushed yields in select global fixed income sectors to the most attractive levels in decades, which could offer strong return potential in 2023.
Deglobalisation of a Connected World
We are seeing a paradigm shift in the global economy that will shape the investment landscape for years to come.
Tactical Allocation Views
As of 30 November 2022
*For pairwise decisions in style and market capitalization, boxes represent positioning in the first asset class relative to the second asset class.
The asset classes across the equity and fixed income markets shown are represented in our multi‑asset portfolios. Certain style and market capitalization asset classes are represented as pairwise decisions as part of our tactical asset allocation framework.
This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action. Information and opinions, including forward looking statements, are derived from proprietary and non‑proprietary sources deemed to be reliable but are not guaranteed as to accuracy.
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