02/02/2023 – Things don’t always turn out the way you think.
Contrary to the expectations of many market participants, the markets performed very well in January. This was the best start to the year in many years. The reasons? Falling inflation rates, thanks in part to further declines in energy prices, a much more resilient economy than had been feared, and the surprisingly rapid and complete removal of the Corona restrictions in China have led to a more positive assessment of the global economy than was the case in December 2002, and have significantly improved market sentiment.
Leading institutions have been upgrading their growth forecasts for the global economy in recent days, and now expect only a “mild” recession in Europe and the US this year. Companies have responded by cutting costs and adapting to the changed conditions. Interest rates do not seem to be rising any further, which is taking pressure off the capital markets. The question is whether the bear market is over or whether we will see even lower markets in 2023 than in 2022. Based on the above factors, we are positive about the further development in 2023.