Emerging Markets

How to play the reopening? Which sectors will benefit the most? What will be the impact of the reopening on the rest of the world? Why is the PBoC facing the Impossible Trinity? Why has the PBoC tightened liquidity, prompting a rise in onshore interest rates? What are the implications for interest rates and the currency going forward? Is it time to upgrade Chinese onshore and offshore stocks?

We explore the eight major themes that will define economic and market trends for Europe next year.

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey, and emerging Europe. Stick with aerospace/defense stocks.

Prefer government bonds over stocks, defensive sectors over cyclicals, and large caps over small caps. Favor North America over other markets. Favor emerging markets like Southeast Asia and Latin America over Greater China, Turkey, and emerging Europe. Stick with aerospace/defense stocks.

In this report, we argue that the dollar will enter a volatile trading range, before a bear market begins in earnest. That said, fundamental forces are aligning for US dollar downside.

In this report, we discuss our most important investment themes for global fixed income markets in 2023, and present our main investment recommendations based on those themes. Our broad conclusion: an environment of slowing global inflation, much weaker global growth and less hawkish central banks will be positive for global government bond returns, but problematic for growth-focused spread products like corporate bonds.

In this <i>Strategy Outlook</i>, we present the major investment themes and views we see playing out next year and beyond.