Macroeconomic update for October 2022

Inflation is still centerstage in the markets and keeps generating bad news. But, for those who take a closer look at the price hikes, there are glimmers of hope. More particularly, inflation should now have reached its highpoint and a range of signals are now pointing to an easing in the pace of growth in the coming months. In addition, in some pockets, even to a downturn. This might well trigger a less hawkish stance from central banks, which we believe could represent a catalyst for equity markets.

As a result, concerning the mid- and long-term perspectives, we are now slightly expanding our equity position, although still keeping a defensive tilt in our positioning.