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04/12/2022

Global Markets Review & Outlook Q1 2022

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

After hitting a January 4 high, global markets fell into this bull market’s first correction as investors feared rising interest rates, inflation and Vladimir Putin’s vile Ukrainian invasion. At its March 8 low, the MSCI ACWI Index was down -13.4% before rallying to put full quarter returns at -5.4%. Despite the volatility, we still believe 2022 should be good for equities, with Tech and growth leading.

  • Early Year Volatility Appears to be a Classic Correction: Geopolitical uncertainty drove a sharp, early year decline in global markets. Despite the humanitarian tragedy, the scope of the conflict seems unlikely to derail the global economy or global equity markets.
  • Increased Investor Pessimism: Depressed sentiment, driven primarily by Russia’s invasion of Ukraine and concerns on inflation, has significantly lowered investor expectations increasing the likelihood that markets realize a better-than-expected outcome.
  • Global Markets Typically Reward US Political Gridlock: The incumbent party routinely loses power during the midterm year, reducing political uncertainty and the likelihood of extreme legislation. Increased gridlock likely acts as a tailwind for global markets in the back half of the year.
*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)