Macroeconomic update for the month of September 2022

Until recently, the big issue occupying market participants was inflation—and how central banks were reacting to it. Since the end of the summer holidays, however, we have noticed a change: Now it is economic growth that is causing concern.

We consider the August stock market gains to have been a bear market rally and are continuing to monitor the markets closely. For the time being, we are keeping our portfolio orientation unchanged.