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Allocation Views
The first month of 2023 was quite the contrast to the dismal financial market returns posted last year. We have seen a growing belief form in markets that inflation in tune regarding China’s zeroCOVID policy has improved the mood of equity investors, especially locally, but we would be — year’s pain — the prime driver of last has not just peaked but is finally moderating. This has been complemented by optimism relating to China’s reopening and economic data in Europe that suggest nearterm recession risks have been averted. You might say the “mood music has changed.”
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