Asset manager BlackRock has said 2023 will require a new investment playbook, backing banks and energy sectors to do well, while slapping ‘underweights’ on longer-term European government bonds and emerging market local currency debt.
BlackRock expects global central banks to over-tighten financial conditions in their fight against stubbornly high inflation to the point of causing a recession next year. “We don’t think the inflation outcome we’ll end up living with, which is going to be more like 3% than 2%, is reflected in markets at this juncture,” he said.
Source: Loan Digest (loandigest.net)
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