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Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the fourth quarter of 2022.
Macroeconomic environment
- A global recession is looking increasingly likely.
- Persistent inflation in services is preventing a rapid easing of price increases.
- The decline in stock prices since the beginning of the year is not a buying opportunity.
Financial markets
- The decline in stock prices since the beginning of the year is not a buying opportunity.
- Earnings expectations seem too high given the upcoming economic slowdown.
- The risk of a further sharp rise in bond yields seems limited.