Q4 2022 was generally positive for global markets, punctuated by the apparent reversal of certain trends
Inflation appeared to top out in the US and, alongside it, the outperformance of the US dollar
Central banks continued with their interest rate rises, but no more than already expected by bond markets
UK assets saw a recovery post the debacle of the ‘mini-budget’ and the UK got a new prime-minister
But it was continental European equities and the euro which were the best performers after the continent’s success at avoiding energy blackouts, aided by an unseasonably warm winter.
