1、 1 December 20221 December 2022 From the Core Investment From the Core Investment Macro Research teamMacro Research team With contribution from:With contribution from:Chris IggoChris Iggo AXA IM Core Investments CIO Romain CabassonRomain Cabasson Solution Portfolio Managers,AXA IM Core Multi-Assets

2、Alessandro TentoriAlessandro Tentori CIO AXA IM Italy Outlook 2023-2024 Global slowdownGlobal slowdown to subdue inflationto subdue inflation 2 TablTable of contentse of contents Macro outlookMacro outlook The clouds around the inflation peakThe clouds around the inflation peak 3 3 By Gilles Moec In

3、vestment Outlook Investment Outlook Positive but tempered return expectationsPositive but tempered return expectations 5 5 By Chris Iggo Summary Summary Recessions liRecessions likely amidst global realignmentkely amidst global realignment 7 7 By David Page US US Mild recession to Mild recession to

4、see inflation fallsee inflation fall 9 9 By David Page Eurozone Eurozone Difficult roads aheadDifficult roads ahead 1111 By Franois Cabau and Hugo Le Damany UK UK Navigating troubled watersNavigating troubled waters 1313 By Modupe Adegbembo Canada Canada Slower activity but avoiding recessionSlower

5、activity but avoiding recession 1414 By David Page Japan Japan Recovery appears set to continueRecovery appears set to continue 1515 By Modupe Adegbembo ChinaChina A bumpy path to reopeningA bumpy path to reopening 1616 By Aidan Yao Emerging Markets Emerging Markets Darkest before dawnDarkest before

6、 dawn 1818 By Irina Topa-Serry Emerging Asia Emerging Asia A soft landing despite growing external headwindsA soft landing despite growing external headwinds 1919 By Shirley Shen Latin America Latin America Rude awakeningRude awakening 2020 By Luis Lopez-Vivas Currencies Currencies US dollar a fadin