Market Overview – February 2023

Return of optimism · 10 February 2023

During this first month of the year, most asset classes posted positive performances, contrasting sharply with last year’s ones.   But why this sudden surge of optimism? The overriding factor is undoubtedly inflation. Indeed, it seems to have reached its peak. As a result, investors are now focusing more on the risks associated with the slowdown in the global economy. The latest macroeconomic data in this area is mixed. Some show a sharp downturn in the European and American economies, while others, such as employment, remain remarkably robust. The consensus today predicts that the United States and Europe should be able to avoid a severe recession. This positive outlook is amplified by news from China. Indeed, the radical shift in its policy towards the pandemic suggests that the Chinese economy could rebound strongly in the coming months. In this environment, all asset classes posted robust returns.

Market Overview - February 2023 Survol des marchés - Février 2023