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The outlook for equity markets in 2023 is dependent on a number of factors including central bank policy, economic growth, inflation and the evolution of the Russia/ Ukraine war. Equities have declined year-to-date as central banks have tightened policy, bond yields have increased, and growth forecasts have declined.

Investment Commentary May 2022

Investors remain concerned that the US Federal Reserve’s interest rate hikes in response to inflation may push the country into a recession. Adding to the uncertainty, global supply chain issues persist and the war in Ukraine looks unlikely to end in the near term, driving concerns of an energy crisis in Europe.

Economies continue to move forward, emerging slowly from the pandemic, sometimes with two steps forward and one step back. Talks of inflation have emerged, creating a cautionary note, despite the very clear messages delivered in the US and EU during 2021 to the contrary – we will need to watch this space in Quarter 1 for real signs of what will emerge.