7 January 2022
Our economic road map for 2022 suggests that the first six months of the year could be problematic, particularly when compared with 2021: Price pressures look as though they might ease, but inflation could remain uncomfortably high for the first few months of the year. This is a continuation of the stagflationary narrative that persisted in the second half of last year, and the emergence of the Omicron variant could tip us further in that direction.
Prospects for the second half of 2022 look better, as inventory rebuilds, and the unwinding of supply chain disruptions could fuel a more sustainable recovery. An improved growth picture and slower inflation should bring us back to a Goldilocks regime, which should be far better for market returns and general risk assets.
It isn’t particularly fashionable or click-worthy to admit that we have less confidence in our base-case projection than normal, but we believe it’s important to acknowledge the highly uncertain environment that we’re in as we head into a year dominated by a very long list of known unknowns.
To learn more about the macroeconomic themes for North America, Europe, Asia-Pacific and Latin America, download the full edition.
2025年前景展望系列:環球半導體機會
我們相信擁有多元化且遍布全球、集中於目標行業的高確信度和高品質企業的投資組合,風險調整後的長期回報具備吸引力,這項特性獲得堅固的基本因素、明顯的順勢增長效應、結構性的需求增加以及盈利能見度的強力支持。
2025年前景展望系列:亞洲固定收益
隨著利率走勢改變,在環球利率、信貸及貨幣市場加劇波動的預期下,我們剖析為何亞洲固定收益領域的子資產類別(亞洲高收益債券、亞洲投資級別債券及亞洲本幣債券)可發揮避險及提供機遇的作用。
2025年五大宏觀經濟主題:轉型中的環球經濟
2025年將是全球轉型的一年。因此,我們探討相信將在今年推動環球經濟和市場的五大關鍵力量。請定期瀏覽我們團隊的分析,以獲取更多適時見解及資源,助您順利度過2025年。
2025年前景展望系列:環球半導體機會
我們相信擁有多元化且遍布全球、集中於目標行業的高確信度和高品質企業的投資組合,風險調整後的長期回報具備吸引力,這項特性獲得堅固的基本因素、明顯的順勢增長效應、結構性的需求增加以及盈利能見度的強力支持。
2025年前景展望系列:亞洲固定收益
隨著利率走勢改變,在環球利率、信貸及貨幣市場加劇波動的預期下,我們剖析為何亞洲固定收益領域的子資產類別(亞洲高收益債券、亞洲投資級別債券及亞洲本幣債券)可發揮避險及提供機遇的作用。
2025年五大宏觀經濟主題:轉型中的環球經濟
2025年將是全球轉型的一年。因此,我們探討相信將在今年推動環球經濟和市場的五大關鍵力量。請定期瀏覽我們團隊的分析,以獲取更多適時見解及資源,助您順利度過2025年。