4.2 Europe: Bracing for winter recession Amid the energy crisis, Europe looks set for GUILLAUME MENUET Head of Investment Strategy a difficult year. Despite cheap assets and and Economics, EMEA currencies, we remain cautious for now. JUDIYAH AMIRTHANATHAR EMEA Investment Strategy ƒ We expect both the eurozone and the UK to see slightly negative GDP growth in 2023 ƒ While valuations are low, we are neutral UK equities and underweight Europe ex-UK ƒ We are staying underweight European sovereign and credit ƒ The euro and sterling seem likely to remain at weak levels pending any decisive turn in the US dollar Citi Global Wealth reGioNAL PreviewS | | 88 Investments