European Union
18/02/2022

Q4 2021 Global Markets Review & Outlook

Inside, you will find a summary of market activity and our market outlook.

After a flat Q3, global markets rose 6.7% in 2021’s final quarter, putting the MSCI All Country World Index (ACWI) up 18.5%—and confirming our expectations of a great 2021 for equities. While Emerging Markets (EM) equities overall disappointed in 2021, several constituent countries had good returns.

  • Expect the Bull Market to Continue in 2022: Global markets have abundant room to run and we expect persistent economic growth and political gridlock to help deliver double-digit gains in 2022.
  • Moderated Investor Sentiment: Increased pessimism—partly tied to the Omicron variant—likely proves temporary, while reducing the likelihood that investor sentiment reaches a euphoric peak in the near term.
  • Global Markets Typically Reward US Political Gridlock: The incumbent party routinely loses power during the midterm year, limiting the opportunity for extreme legislation. Increased gridlock likely acts as a tailwind for global markets in the back half of the year.

Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.


Fisher Investments Ireland Limited, trading as Fisher Investments Europe, is authorised and regulated by the Central Bank of Ireland (CBI), and is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). Fisher Investments Europe delegates portfolio management to its parent company, FI.