In short:

In short:

·        A clearer outlook for the bond market is helping risk assets

·        Will the China reopening fuel a global economic rebound?

·        Our emerging market equity underweight has been closed

As the new year begins, it is time to take stock of recent developments and look forward to what the year might bring. The past year has been far more eventful than any of us could have imagined at the end of 2021. It started with Russia’s invasion of Ukraine. Inflation rose to levels that were higher than anticipated. Central banks raised rates far more rapidly than anyone expected. Bond markets suffered their worst performance in since the 19th century.