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Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the first quarter of 2023.

Macroeconomic environment

  • Despite the current resilience of the global economy, a recession seems inevitable.
  • Having hit record levels in 2022, inflation is set to slow this year.
  • The central banks’ monetary tightening cycle appears to be entering its final phase.


Financial markets

  • Equity markets should be affected by two trends in 2023, the gradual end of rising rates and the possibility of a sharp economic slowdown.
  • A recession scenario is not currently priced into equity markets.
  • Asian markets should outperform in 2023.

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