Outlook – First Quarter 2023
In our Q1 outlook we look ahead to the next weeks and beyond, explaining why we are not convinced by the current rally in equities and why a bad year for investors does not necessarily mean a good year to follow. It is encouraging that bonds look more attractive than they have in recent years, but the trajectories of inflation, central bank policy and the Chinese economic reopening are not certain – and are the themes that will determine how markets progress in 2023.
