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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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2023 Global Market Outlook

The Need for Agility


Heading into 2023, capital markets have priced in a significant global economic slowdown. The key question is whether deceleration ends in a “soft landing”—slower but still positive growth—or a recession. Central bank tightening has reached a critical point, and investors will look to see whether inflation and interest rates peak in 2023. Equity valuations have improved, but the U.S. market still appears expensive by historical standards, and earnings estimates may be overly optimistic.

We see relative valuation advantages in some equity sectors and in non-U.S. markets. The 2022 bond bear market pushed yields to the most attractive levels since the global financial crisis. U.S. high yield bonds in particular appear to offer return potential, as credit spreads provide a buffer against a rise in defaults. The threat of “deglobalization” has been exaggerated, but big structural changes are in progress. We see opportunities amid the disruptions.

Four Key Investment Themes in 2023

An Economic
Balancing Act

Leaning Against
the Wind

The Return
of Yield

Deglobalization in a Connected World

 

 

Webinar Replay

2023 Global
Market Outlook

Markets have priced in a significant economic slowdown in 2023. But we see potential opportunities for agile investors.

Our investment experts discuss four key investment themes that are expected to impact the markets over the coming year. 

Global Market Outlook Speakers

Andrew McCormick

Chief Investment Officer,
Head of Global Fixed Income

Sébastien Page, CFA

Chief Investment Officer,
Head of Global Multi-Asset

Justin Thomson

Chief Investment Officer,
International Equity

Ritu Vohora, CFA

Investment Specialist,
Capital Markets

White Paper

The Need for Agility

Heading into the second half, inflation and rising interest rates remain
the most serious threats global investors face.



Summary Video

Catch the most important takeaways from the 2023 Global Market Outlook in under two minutes with Ritu Vohora.

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The Outlook for Japan Remains Finely Poised

The Outlook for Japan Remains Finely Poised

The Outlook for Japan Remains Finely Poised

Divergent policy, relative to other major markets, has broad implications.

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Patiently Building Long-Term Positions

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