2023 Global Market Outlook

The Need for Agility

Elevated geopolitical risks, deglobalization, and changing market structures mean investors should be prepared for higher volatility; but agility can be a source of opportunity amid dislocation.


2023 China Market Outlook

We expect China's recovery to pick up next year. We believe investors should consider adding exposure to a well-balanced portfolio of Chinese stocks for 2023.


2023 Asia ex Japan Market Outlook

We believe that the 2023 outlook for Asia ex Japan equity markets is likely to be more promising and investors should be patient as many of the positive long-term trends of the region remain valid. 


2023 Japan Market Outlook

Japan’s accommodative policy stance remains a key focus, but several factors suggest an encouraging near-term outlook.

Four Themes to Watch in 2023


An Economic Balancing Act

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

tactical allocation views

*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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