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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.

Guy Wagner, Chief Investment Officer

An economics graduate from the Université Libre de Bruxelles, Guy joined Banque de Luxembourg in 1986 where he was head of the Financial Analysis and Asset Management departments. He was appointed Chief Investment Officer of BLI - Banque de Luxembourg Investments in 2005.

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