4 | 5 06 Editorial 08 H eadlines in 2022 10 Core views 2023 13 Global economy 14 A fundamental reset 20 Regional outlook 22 Investment roadmap 2023 25 Main asset classes 28 Fixed income 32 Equities 40 Technical corner 42 Currencies 45 Real estate 46 Hedge funds 48 Private markets 50 Commodities 52 Diversify your risks 54 The energy system 59 Forecasts 60 2 023 in numbers 62 Disclaimer 66 Imprint