China booms

  • China rolls out a domestic mRNA vaccine program, enabling it to fully reconsider its zero COVID-19 policy
  • Chinese equities rebound as the country’s economic growth gets back on track

Oil spikes

  • The US stops running down its oil reserves, Chinese oil demand normalizes while Russian oil supply further contracts due to the ongoing conflict in Ukraine 
  • Spare capacity across the world is rapidly eliminated, leading to a spike in oil prices.

The Musk effect

  • Technology companies realize they are overstaffed leading to the largest mass lay-offs in the sector since the bursting of the dot com bubble 

Japan bond markets

  • The Bank of Japan (BoJ) abandons its Yield Curve Control policy. This removes the last anchor on global yields.

US and China relations

  • The US and China de-escalate tensions, finding common paths on trade and security, leading to 50% rally in global stock markets and a halving of developed market government yields.

Banking sector rebounds

  • Global banks become the best-performing sector due to rising rates and limited credit risk

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Investment outlook 2023

In this edition of Panorama, our investment experts recap on the past investment year and explore where the challenges, opportunities and surprises might spring from.

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