What to do after a correction ?

In our view, the January sell off was “just” a correction and not the beginning of a bear market. So, even if we should not be under the illusion that the market will return to its peak level rapidly, this drop could be considered as a good entry point.

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Will we begin the year by an equity bubble correction?

Are we currently seeing formation of a bubble, or even a bubble peak, following the past four month’s rally? Indeed, over the period, despite the slew of bad news, the S&P 500 experienced just two slight consolidations. Could the sell-off of the past few days not be the first signs of a deeper downtrend on a 6-month horizon?

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What can we expect from 2022?

We forecast global GDP growth of 4% on average in 2022, slightly less than the consensus (4.4%). But what counts most is nominal GDP growth as it is the main determinant of EPS growth, which should be stronger (8 to 9%).Mehr lesen