European Union
08/11/2022

Global Markets Review & Outlook Q3 2022

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

Q3 again tested investors’ patience globally as a midyear rally gave way to new bear market lows late in September. However, we see many reasons to believe markets will shift positively as we move through Q4 and into 2023.

  • Global Markets Look Primed to Recover: Global markets reflect well-known fears and the likelihood of severe economic problems above and beyond what is already priced in seems low. Meanwhile, positive economic factors continue to be largely ignored.
  • Dour Investor Sentiment Supports an Unexpected Recovery: Depressed sentiment, driven by concerns on inflation, global monetary policy, China’s lockdowns and a variety of other factors has significantly lowered investor expectations, allowing room for reality to exceed expectations, spurring a new bull market.
  • Global Markets Typically Reward US Political Gridlock: The incumbent party routinely loses power during midterm years, reducing political uncertainty and the likelihood of extreme legislation. Increased gridlock is largely underappreciated by investors and likely acts as a tailwind for global markets going forward.

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.