J.P. Morgan Investment Outlook 2023

November 2022 Investment Outlook 2023 A bad year for the economy, a better year for markets Authors Karen Ward In brief Chief Market Strategist for EMEA • Despite remaining above central bank targets, inflation should start to Maria Paola Toschi moderate as the economy slows, the labour market weakens, supply Global Market Strategist chain pressures continue to ease and Europe manages to diversify its energy supply. Mike Bell • Our core scenario sees developed economies falling into a mild recession Global Market Strategist in 2023. Tilmann Galler • However, both stocks and bonds have pre-empted the macro troubles set Global Market Strategist to unfold in 2023 and look increasingly attractive, and we are more excited Vincent Juvyns about bonds than we have been in over a decade. Global Market Strategist • The broad-based sell-off in equity markets has left some stocks with Hugh Gimber strong earnings potential trading at very low valuations; we think there are Global Market Strategist opportunities in climate-related stocks and the emerging markets. Max McKechnie • We have higher conviction in cheaper stocks which have already priced in Global Market Strategist a lot of bad news and are offering dependable dividends. Natasha May Global Market Analyst Zara Nokes Global Market Analyst