Frankfurt Up until about a year ago, investors were spoiled for price increases and were kept rather tight with current income. Then came the big slump of 2022: a disaster for many asset classes, from stocks to bonds and Bitcoin, possibly with a little delay to real estate.
But 2023, analysts at US bank Morgan Stanley believe, will be “the year of returns.” This is how they titled their outlook for the new investment year.
The starting point for their forecast is the economic analysis. They label these with the keywords “less growth, less inflation, less tightening of monetary policy”.
The Morgan-Stanley experts also expect the dollar to tend to weaken again somewhat. Broadly speaking, their analysis is in line with that of many other economists.
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They derive the most important conclusions from this constellation: bonds of good quality and emerging countries as a whole should offer opportunities. US equities, high-yield bonds and metals, on the other hand, are likely to be slightly weaker, according to the forecast.
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