Table of contents Macro outlook– The clouds around the inflation peak 3 By Gilles Moec Investment Outlook – Positive but tempered return expectations 5 By Chris Iggo Summary – Recessions likely amidst global realignment 7 By David Page US – Mild recession to see inflation fall 9 By David Page Eurozone – Difficult roads ahead 11 By François Cabau and Hugo Le Damany UK – Navigating troubled waters 13 By Modupe Adegbembo Canada – Slower activity but avoiding recession 14 By David Page Japan – Recovery appears set to continue 15 By Modupe Adegbembo China – A bumpy path to reopening 16 By Aidan Yao Emerging Markets – Darkest before dawn 18 By Irina Topa-Serry Emerging Asia – A soft landing despite growing external headwinds 19 By Shirley Shen Latin America – Rude awakening 20 By Luis Lopez-Vivas Currencies – US dollar a fading star 21 By Romain Cabasson Cross assets – The year of the bond 22 By Gregory Venizelos Rates – Shadows and Lights 23 By Alessandro Tentori Credit – A film noir for optimists 25 By Gregory Venizelos Equity – Rebound prospects amid headwinds 27 By Emmanuel Makonga Forecast summary 29 Calendar of events 30 Abbreviation glossary 31 2