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Inflation, rate hikes and earnings top list of equity risks

Saira Malik
Chief Investment Officer
Equity Market Commentary

Despite a midsummer rally that saw many markets jump by double-digits following a dismal first half of the year, global equities couldn’t hold their gains in September and ended the third quarter of 2022 in negative territory. In the U.S., the temporary rebound was driven by optimism that inflation might peak quickly, that the U.S. Federal Reserve would pivot from its aggressive rate hikes soon, and that the economy could emerge relatively unscathed — hopes that diminished as the quarter wore on. Non-U.S. stock markets also fell broadly during the quarter, with losses magnified when translated into dollar terms due to relentless strength in the U.S. currency.


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