Investment Institute
Monthly Market Update

January Global Macro Monthly - 2023 starts on a more positive note

  • 25 January 2023 (7 min read)

Key points

  • The broad shape of the outlook for 2023 remains intact: global growth looks set to slow, headline inflation should fall sharply and central banks should reach peak rates over the coming months around the world.
  • Yet the start of 2023 has included a number of positive surprises, including a mild winter that could see the Euro area escape a winter recession, a faster removal of China’s ‘Zero-COVID policy’ boosting growth prospects for later in the year and a more resilient US end to 2022.
  • Markets have welcomed the more positive news. However, we think it comes with risks of slowing the overall disinflation expected over the coming years and threatening the need for further or more persistent tighter monetary policy from central banks.
  • Moreover, the US economy still suggests the likelihood of falling into recession this year - albeit that the timing looks more uncertain. This may cause further tensions if growth cycles occur more asynchronously this year

Related documents

Full Global Macro Monthly - January 2023
Download article (709.75 KB)

Related Articles

Monthly Market Update

September Global Macro Monthly - Where we are in the cycle – and the supercycle

  • by AXA IM Investment Institute
  • 27 September 2023 (10 min read)
Monthly Market Update

September Op-Ed - In for the long haul

  • by Gilles Moëc , Chris Iggo
  • 27 September 2023 (10 min read)
Monthly Market Update

July Op-Ed - Of landings, soft and hard

  • by Gilles Moëc , Chris Iggo
  • 26 July 2023 (5 min read)

    Disclaimer

    This website is published by AXA Investment Managers Asia (Singapore) Ltd. (Registration No. 199001714W) for general circulation and informational purposes only. It does not constitute investment research or financial analysis relating to transactions in financial instruments, nor does it constitute on the part of AXA Investment Managers or its affiliated companies an offer to buy or sell any investments, products or services, and should not be considered as solicitation or investment, legal or tax advice, a recommendation for an investment strategy or a personalized recommendation to buy or sell securities. It has been prepared without taking into account the specific personal circumstances, investment objectives, financial situation or particular needs of any particular person and may be subject to change without notice. Please consult your financial or other professional advisers before making any investment decision.

    Due to its simplification, this publication is partial and opinions, estimates and forecasts herein are subjective and subject to change without notice. There is no guarantee forecasts made will come to pass. Data, figures, declarations, analysis, predictions and other information in this publication is provided based on our state of knowledge at the time of creation of this publication. Whilst every care is taken, no representation or warranty (including liability towards third parties), express or implied, is made as to the accuracy, reliability or completeness of the information contained herein. Reliance upon information in this material is at the sole discretion of the recipient. This material does not contain sufficient information to support an investment decision.

    All investment involves risk, including the loss of capital. The value of investments and the income from them can fluctuate and investors may not get back the amount originally invested. Past performance is not necessarily indicative of future performance.

    Some of the Services and/or products may not be available for offer to retail investors.

    This publication has not been reviewed by the Monetary Authority of Singapore.