Euroland September flash PMI results were disappointing but monetary trends continue to give a hopeful signal for economic prospects.

Hamish Chamberlayne, Head of Global Sustainable Equities, provides his investment outlook for 2023 and outlines three key themes that mean there is much to look forward to.

Paul O’Connor, Head of the UK-based Multi-Asset Team, discusses the continuing trade war between China and the US, possible trade conflicts among other countries and how this has shaped his global outlook.

Oliver Blackbourn, a portfolio manager on the UK-based Multi-Asset team, discusses the abrupt escalation in hostilities between the UK Parliament and a bellicose Prime Minister.

UK labour market trends remain consistent with the view here that the economy has entered a recession.

Portfolio Manager James de Bunsen argues why holding investments that can show resilience in the face of multiple, meaningful headwinds, from market volatility to potential stagflation, should give investors confidence in 2023.

​Equity analysts returned from holiday and slashed earnings estimates.

Jim Cielinski believes 2023 should bring relief on rates as central bankers recognise their servings of policy tightening are dampening inflation but the corporate outlook is set to be more challenged.

August PMI results are consistent with the long-standing expectation here that global industrial momentum would bottom around Q3 2019 but narrow money trends have yet to signal an economic recovery. Turning points in industrial momentum are usually associated with a rotation in financial markets but the still-weak economic outlook suggests that any such change will be muted or delayed.

Amid a volatile macroeconomic backdrop, investment vehicles incorporating environmental, social, and governance (ESG) considerations typically underperformed non-ESG peers in 2022. This has galvanised sceptics and led to questions around the validity of ESG. Paul LaCoursiere and Bhaskar Sastry outline three reasons why ESG will remain a crucial consideration for investors.

Nick Watson, a Fund Manager on the UK-based Multi-Asset Team, observes the hidden risks and relationships lurking in quality investment styles and the potential benefits of adding some complementary (but unloved) value styles to a UK portfolio.

John Bennett, Director of European Equities, explains why 2023 might be the last chance to get into the asset class.

Narrow money trends have been signalling US economic weakness but a stabilisation of momentum in Euroland, with no recession – see, for example, here. August flash PMI results are consistent with this scenario.

John Pattullo and Jenna Barnard, Co-Heads of Global Bonds, believe the confluence of attractive yields and an inflection point in rates should make 2023 an opportune year for high quality investment grade and government bonds.

The preferred narrative of central bankers and mainstream economists is that current global economic weakness primarily reflects US-driven trade policy conflict, which has depressed business confidence and derailed expansion plans. This narrative is false.

Adrienn Sarandi, Head of ESG Strategy & Development, attended the first week of the COP27 climate talks in Egypt. Here she highlights 10 takeaways and her thoughts around the key issues that were front of mind for those on the ground at the conference.