1、INVESTMENT GUIDEMarket Outlook 2023Marketing MaterialPublication date:12 January 2023,8:00 CETPlease find important legal information at the end of this document.Source:Bank Julius Baer&Co.Ltd.(Julius Baer),unless explicitly stated otherwise.3 EditorialDear reader,2022 turned out to be a perfect sto

2、rm,as a major war in Europe,a global energy crisis,and record-breaking inflation were accompanied by a synchronised,ruthless monetary-policy tightening campaign by global central banks,leading to the worst bond market sell-off in centuries and an equity bear market.On top of all this,China suffered

3、a marked slowdown,driven by its zero-tolerance policy on Covid-19 and continued issues related to its real estate sector.Where does that leave us as we enter 2023?There is no doubt that geopolitical tensions are likely to continue,following what we call the end of the peace dividend.When it comes to

4、 the macroeco-nomic outlook,we expect 2023 to be about recent trends cooling down on many levels.Both growth and inflation rates are likely to slow,especially as the year progresses.Christian GattikerHead of ResearchYves BonzonGroup Chief Investment OfficerMember of the Executive BoardAgainst this b

5、ackdrop,investors should look to cap-ture the attractive yields offered in segments such as high-investment-grade bonds and quality stocks.And if early economic indicators start to bottom,then cyclical opportunities should be on your radar screens too.In this Investment Guide,we aim to help you navi

6、-gate through the investment environment that we expect to unfold in 2023.We hope that the year ahead will be free of disruptive surprises.If it is not,then rest assured that we will be here to help you to adjust your investment approach.In the meantime,we wish you a successful year and thank you fo