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The shift in what central banks said counted for more than what they actually did. As expected, the Fed raised rates by 25bp to 4.75% and said further hikes would be needed.

With inflation in the US and Europe slowing and activity still highly resilient, markets extended gains.

US consumer confidence has recovered but numerous advanced indicators in the US are down and still pointing towards a recession. 

Kristelle Wauters will serve as Chair of the Management Board from January 2023 and brings 20 years’ experience in real estate asset management.

The good news is that behind one COP lies another.

The IMF may have cut its global growth forecasts for 2023 from 2.9% to 2.7% but investors now seem to favour a soft landing scenario, especially in the US.

China’s Covid management keeps on surprising us. The much-criticised zero-Covid approach with its rigorous lockdowns were suddenly replaced by an uncontrolled reopening which completely swamped the healthcare system.

China’s Covid management keeps on surprising us. The much-criticised zero-Covid approach with its rigorous lockdowns were suddenly replaced by an uncontrolled reopening which completely swamped the healthcare system.

Watch the video with Benjamin Melman, Global CIO Edmond de Rothschild AM

It was a busy week for macroeconomic data but central banks had a field day announcing their last policy decisions for the year.

Shanghai’s composite index rebounded sharply from 13-year lows on hopes China would reopen more rapidly than expected.

Demonstrations in China against Covid restrictions initially worried investors but government support for property companies and an apparent move towards gradual easing of sanitary conditions helped calm nerves.