Fund managers focus on defensive stocks.

Frankfurt Has inflation peaked? When will central banks stop raising interest rates? How bad is the recession going to be? These are the central questions that concern fund houses and banks in their outlook for the new year.

Most strategists assume that inflation rates will fall in 2023, that central banks will no longer raise interest rates significantly and that the recession will remain manageable. But the uncertainty is great.

Especially at the beginning of the year, a lot is still in the fog even for the market professionals. That is why many investment experts initially expect setbacks on the stock exchanges. Against this background, they initially rely on defensive stocks that are as non-cyclical as possible. But which ones are they? And aren’t there opportunities again for cyclical stocks such as technology stocks, which have fallen sharply? These are the sectors that banks and fund houses find interesting with a view to the new year.

The favourites: healthcare, consumer and energy stocks