What does 2023 hold in store? Amid the holiday torpor, some semi-useful content has actually floated around LinkedIn — extensive round-ups of investment bank and asset manager outlook reports on what to expect this year.
FT Alphaville has already gone over some of these, but for anyone desperate to know the consensus for 2023 without wanting to sully themselves by rummaging around LinkedIn, here are the links below.
The tl;dr of this sprawling research outlook dump is that recessions are probably looming for swaths of the global economy; inflation will slow but not enough for central banks to relax; and while markets might not be quite as bad as they were in 2022, they’re not going to be great this year either.
HT to Amplify’s Anthony Cheung for most of these. We’ve added quite a few asset management ones (plus SocGen, the rating agencies and some extra Morgan Stanley and Goldman Sachs ones), and in some cases these links will take you pages with all their individual asset class outlook reports as well.
To close it off, we have TS Lombard’s Dario Perkins on things that definitely won’t happen in 2023 (#timestamp). Feel free to include links to other research we might have missed in the comments.
What to expect in 2023
“This cycle is different” — Goldman Sachs (here are the rest)
“A bad year for the economy, a better year for markets” — JPMorgan
“Applying the lessons of a turbulent year to 2023” — Morgan Stanley
“Inflation peaks, growth slows” — Morgan Stanley
“Back to the (new) future” — Bank of America
“It’s all about valuations” — Schroders
“A new investment playbook” — BlackRock
“Sequencing several pivots” — Société Générale
“Keep calm and carry on” — Allianz
“Looking for the silver lining” — HSBC
“Next year will be a long, hard slog” — Barclays
“The investment outlook” — Abrd
“The year ahead” — NatWest
“Roadmap to recovery” — Citi Wealth
“Calm waters turn choppy” — UBS
“Complicated, fragmented macro roadmap” — Franklin/Brandywine
“A fundamental reset” — Credit Suisse
“Investing in an age of transformation” — BNP Paribas
“Resilience versus recession” — Deutsche Bank
“May he live in interesting times” — ING
“Navigating a bumpy landing” — State Street
“2023 economic and capital markets outlook” — Apollo Global Management
“Recession, recovery, and rebound” — Wells Fargo
“Looking through to recovery” — BNY Mellon
“Navigating the polycrisis” — Fidelity International
“Global outlook 2023” — Lazard
“The need for agility” — T Rowe Price
“Return on risk assets should be above inflation” — DWS
“Relief rally unlikely to continue” — Amundi
“Opportunity in a volatile world” — Macquarie
“2023 investment outlooks” — Invesco
“Global slowdown to subdue inflation” — Axa Investment Managers
“In search of silver linings” — Legal & General Investment Management
“Navigating new economic realities” — Moody’s
“No easy way out” — S&P Global
“Credit outlook 2023” — Fitch Ratings
“Vanguard economic and market outlook for 2023” — Vanguard
“Will the global economy tip into recession?” — Capital Group
“Feeling the squeeze” — Nordea
“Investing through shifting macro perspectives” — PGIM
“Things that won’t happen in 2023” — TS Lombard