Horizon Q1 │2022

2022 - mid-cycle year with emerging headwinds

Prof Dr Bernd Meyer and team provide an outlook for the first quarter of 2022 in the current Horizon publication.

Key messages of the capital market outlook:

  • Mid-cycle year: We expect neither a strong acceleration nor a decelera-
    tion in global growth but unsynchronised growth be-tween regions. This calls for a balanced position in re-gions, sectors and styles.
  • Inflation: The development of inflation and central banks' corre-
    sponding reactions are likely to become the decisive fac-tors for capital markets. We expect inflation to decline but ultimately become more persistent.
  • Headwinds: Rising (real) interest rates are weighing on valuations and earnings growth is falling. Fundamentally, the up-side potential is getting smaller for equities, but alternatives are scarce due to the ongoing financial repression.

In the Insights interview our fund manager Christoph Mäder shows how to successfully invest in European bonds in a sustainable and impact-oriented manner.

Your contact

Prof. Dr. Bernd Meyer
Chief Investment Strategist and Head of Multi Asset
Phone +49 69 91 30 90-225
Ulrich Urbahn
Head of Multi Asset Strategy & Research

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