Divergent perspectives
In Kürze
Amid a volatile winter, global markets staged a buoyant start into the new year. Just after the Fed and ECB had poured cold water on pivot hopes before Christmas, weaker inflation prints rekindled the bulls. Warm weather and energy savings have been dissolving fears of a European energy crunch, with hard year-end data proving surprisingly resilient and business expectations bouncing. China’s surprise Covid Uturn and relaxed property regulation will make for a buoyant local spring recovery.
