Analyses
2022 Global Multi-Asset Investment Outlook
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Global Multi-Asset Viewpoint
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décembre 31, 2021
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2022 Global Multi-Asset Investment Outlook |
Our base case is that COVID-19 will transition from pandemic to endemic in 2022, with 2023 likely the first full normal year since 2019.
Two years after the first cases of COVID-19, the world still faces tsunamis of new infections with no apparent end in sight. And while COVID-19 continues to have an outsized impact on financial assets—for example, bond market performance in the past nine months has been better explained by infection numbers than inflation, growth, or the Fed—countries, populations and governments are reacting more moderately to new waves of infections, with targeted measures such as vaccination campaigns and mandates, with masking and selective quarantines thus reducing the economic impacts of each successive wave. Indeed, current data suggests omicron is twice as infectious as delta, though its deadliness is lower. And though 2022 may see a few more waves, each could be of lessening severity given the improvement in the availability of medical tools in the developed world such as triple-dose vaccines, antiviral therapeutics and treatment, as well as the protection afforded by prior natural infection. Of course, the uncertainty around this base case remains enormous and, as such, well reflected in the prices of direct plays on an end to COVID-19, on Working from Home and on full re-opening of the global economy.
For more please download the full report.
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Head of Global Multi-Asset Team
Global Multi-Asset Team
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Managing Director
Global Multi-Asset Team
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