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The key headwinds of 2022, sharply rising inflation and interest rates, currency market volatility, China’s pandemic struggles, as well as energy and food security concerns, have begun to fade. Trade is on the weak side, tech sector is shedding some jobs, and rates may not be coming down, but the global economy is emerging from the punches of 2022 on a decent footing. US and Europe no longer look destined for recession and China’s pro-growth shift is a major source of support for global demand. Lingering risks include the war in Ukraine, China-US rivalry, financial market volatility, and re-emergence of inflation in late 2023 as demand remains resilient. I will be joined by senior currency strategist Philip Wee and senior rates strategist Eugene Leow as we consider the market implications of these developments.
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